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August 01, 2011

Debt Ceiling Deal Done. Obama Tax Raise Bid Shut Down. Are We Yanks Short-Sighted Tools or What?

It's not over yet. But see Washington strikes deal on debt ceiling, by David Espo, Associated Press. It begins:

WASHINGTON — Ending a perilous stalemate, President Barack Obama and congressional leaders announced historic agreement Sunday night on emergency legislation to avert the nation's first-ever financial default.

The dramatic resolution lifted a cloud that had threatened the still-fragile economic recovery at home — and it instantly powered a rise in financial markets overseas.

The agreement would slice at least $2.4 trillion from federal spending over a decade, a steep price for many Democrats, too little for many Republicans. The Treasury's authority to borrow would be extended beyond the 2012 elections, a key objective for Obama, though the president had to give up his insistence on raising taxes on wealthy Americans to reduce deficits.

Posted by JD Hull at August 1, 2011 11:24 PM

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