Monday, August 1, 2011

US Debt Limit: Obama Unveils Deal with Congress Leaders

Jane O'Brien

President Barack Obama says Republican and Democratic leaders have struck a deal to raise the US debt limit.
Under the proposal, which is set for debate and votes in Congress on Monday, the US debt ceiling would rise by up to $2.4tn from the current $14.3tn.
The US government deficit will be cut by a similar amount over 10 years, and a special bipartisan committee will also be set up to agree spending cuts.
Without a deal the US would face the prospect of defaulting on its debts.
Party leaders in the House of Representatives and Senate still have to present the deal to their members on Monday, before the package goes to a vote.
The BBC's Jane O'Brien says the package is still likely to be a tough sell, with some Republicans and Democrats in the House remaining opposed to different aspects . . . . . . .


  1. Yeah, this is getting really DEPRESSING!

  2. super congress to the rescue! and saving the constitution at the same time! lol

    you can't compare the fed deficit to household deficit-it's true...told the wife had made 238,000 dollers yesterday, she asked how, said was going to buy a lamborghini but decided not to, thus made 238,000 dollers! :))) am outside now with no keys... that's not like what they do up there is it


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