House Passes US Debt Deal

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.


Regarding www.skoptionstrading.com. We have now placed a number of trades in the options arena and they are progressing well.



For those subscribers who are too busy to trade their own accounts we are now able to offer an Autotrading program with our SK OptionTrader service, as we are pleased to announce that we have entered into a partnership with GlobalAutoTrading and therefore auto trading is now available for SK OptionTrader signals


Our model portfolio is up 338.11% since inception

An annualized return of 117.00%

Average return per trade of 40.41%

81 closed trades, 78 closed at a profit

Average trade open for 46.27days






The above progress chart shows our performance when profits are re-invested, however, to see exactly how it is going, please click this link.

So, the question is: Are you going to make the decision to join us today.

Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.



To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. (Winners of the GoldDrivers Stock Picking Competition 2007)

For those readers who are also interested in the silver bull market that is currently unfolding, you may want to subscribe to our Free Silver Prices Newsletter.

For those readers who are also interested in the nuclear power sector you may want to subscribe to our Free Uranium Stocks Newsletter, just click here.

Comments

[BC]

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.

[Gold Prices]

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.