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« Five Things You Need to Know About the Economy | Main | President Obama’s debt deal more fizz than bang »
Monday
Aug012011

House Passes US Debt Deal

Voice of America 02 August 2011.JPG


The U.S. House of Representatives has approved a compromise deal to raise the country's debt limit and cutting spending, one day before the government is due to start defaulting on its debt, according to Voice of America.

In a vote Monday night, 269 House members approved the deal and 161 opposed it.

The bill allows the United States to keep borrowing money to pay its bills while cutting about $1 trillion in spending over the next 10 years.

It had just lukewarm support overall. Some conservatives say it does not cut enough spending, and liberals complain the cuts are too deep and that the bill does not raise taxes on the rich.

But nearly all lawmakers say the package is better than the United States defaulting on its debt. The U.S. Senate plans to vote on the bill Tuesday, and both party leaders say they expect it to pass. It then will go to President Barack Obama for his signature.

The package is a compromise between Democrats, Republicans and the White House. It comes after months of political bickering and stalemate that pushed Washington to the edge of default on its massive debt.

Along with cutting spending, Mr. Obama says the deal sets up a bipartisan panel in Congress to consider up to $1.5 trillion in further cuts. He says everything will be on the table, including tax increases and cuts to social welfare programs like Medicare. If the panel fails to reach agreement, then the deal requires automatic spending cuts.

The president called the proposal a compromise that lets the country avoid default, while making a serious down payment on deficit reduction. He said default would have a “devastating effect” on the U.S. economy.

The White House says the agreement would avoid the need for another vote on raising the debt limit until 2013, providing greater “certainty” about the fragile economy. It also would delay the issue until after the next U.S. presidential and congressional elections.


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Reader Comments (2)

Normally these things are a tax increase now and a future theoretic spending cut that never occurs. At least this time there are no tax increases yet. However the cuts are fiction. Think like a member of congress. If they spend 100 Billion this year for a program, they are not going to spend less next year. If they plan to increase to 110 billion next year they may only go to 108 billion. They call that 8 billion increase a spending reduction. As best we the citizens can tell, the only things that are actual real cuts are a few items that expire this year and were not going to continue next year. They claim credit for those cuts.

So.... I am only slightly positive on us bring the US Government debt under control.

August 2, 2011 | Unregistered CommenterBC

BC,

Holding gold and silver should help preserve your wealth against whatever the current crop of politicians do, hold on to your position its about to become very interesting.

August 2, 2011 | Unregistered CommenterGold Prices

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