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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 11:24 PM | Comments (0)