US debt deal reached: Obama (1 Viewer)

[iRuler]

US debt deal reached: Obama

The deal will cut about $US1 trillion ($A911.91 billion) in spending over 10 years, the president says.

"I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default, a default that would have had a devastating effect on our economy," Obama said at the White House on Sunday night (Monday morning AEST).

Obama said the deal, which still needs to be approved by Congress, would establish a bipartisan committee of congress to report back by November with a proposal to further reduce the US deficit.

Congress must reach a deal on raising the $US14.3 trillion debt ceiling by Tuesday to avoid a government default.

Default "would have had a devastating effect on our economy," Obama said in the televised address.

No votes were expected in either house of Congress until Monday at the earliest, to give rank-and-file members time to review the package.

"We're not done yet: I want to urge members of both parties to do the right thing and support this deal with your votes over the next few days," Obama said, with time running short before the midnight Tuesday (1400 AEST Wednesday) deadline.

The US government hit its debt limit on May 16 and has used spending and accounting adjustments, as well as higher-than-expected tax receipts, to continue operating normally - but can only do so through August 2.

Business and finance leaders have warned default would send crippling aftershocks through the fragile US economy, still wrestling with stubbornly high unemployment of 9.2 per cent in the wake of the 2008 global meltdown.

http://finance.ninemsn.com.au/newsbusiness/aap/8279721/us-debt-deal-reached-obama

 

[Lolsmith]

we're going to sell Texas to the terrorists

 

[funkshen]

and still no reparations for the brothermen

 

[Blastus]

dumbest fucking shit out

 

[rebecca maeB]

The bipartisan battle was long and hard, and much remains yet to be sorted out after the dust settles. Both parties have reportedly expressed dissatisfaction with the compromise. Debt ceiling deal hammered out at 11th hour as Liberals opposed it out of fear that social programs would be cut. The Democratic-led Senate is expected to pass the debt ceiling deal. But tougher opposition may come from the House. Liberals opposed it out of fear that social programs would be cut. Conservatives waned even more cuts in the debt deal reached.

While the chance of a default looks far less likely, the future of the nation’s impeccable credit rating is not nearly as certain. Ratings service Standard & Poor’s has threatened to downgrade the rating, and may do so even if a default is averted.

 

[Blastus]

they are so fucked

their projections include the tax cuts expiring, don't include costs for obamacare and a whole bunch of other nonsense.

hahahahahahah so fuckedd