Obama announces agreement to avoid debt default

[Greatbirdlegend]

 

as expected after the wayang show....the gravy train rolls on

 

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Obama announces agreement to avoid debt default

Posted: 01 August 2011 0859 hrs

 

WASHINGTON: US President Barack Obama announced late Sunday that he and top lawmakers had reached an 11th-hour deal to avert a disastrous debt default that would have sown chaos in the world economy.

 

"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 in hastily announced remarks at the White House.

 

In the US Congress, leaders of the Democratic-held Senate and the Republican-led House of Representatives said they would present the framework to their rank-and-file on Monday ahead of final votes to approve the deal.

 

"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 a midnight Tuesday (0400 GMT 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.

 

Without a deal, the US government would have to cut an estimated 40 cents out of every dollar it spends, forcing grim choices between defaulting or cutting back programs like those that help the poor, disabled and elderly.

[Sosaria]

They are just prolonging the problem. Eventually there will be a bigger crash... just delayed, but will make it even worse! This is what happens when their presidency is not long-term, so long-term effects do not figure in their decision-making.

 

All they need to do is to tax the rich more (heard that their incomes actually keep on increasing during the past year?), instead of cutting back programs for the poor. But, as everywhere, the politicians, part of the wealthy group, will make sure that the policies don't hurt them and their rich friends...

[Mockngbrd]

will they vote for it?

[Wt_know]

raising the debt limit does not mean USA is out of trouble, they just merely snow-balling the problem.

the value of $USD drop each time they raise their debt and print more money

 

hopefully benjamin franklin face do not appear in this kind of currency value

Edited August 1, 2011 by Wt_know

[Joseph22]

Sucks, i am waiting for them to default.

[Mockngbrd]

Ebay Ebay Ebay

[Maroon5]

Sucks, i am waiting for them to default.

 

aiyo be careful wat u wish for...

[Mockngbrd]

push push until nex president, then Obama run away

[Greatbirdlegend]

push push until nex president, then Obama run away

 

that's why they were arguing over the details of their own proposals.

push it as far away down the road as possible and let someone else take the shiatte.

[Tigerwoods]

Frankly whether it is Obama or anyone else, USA is in deepest shi1t.

Who to blame ? Republican presidents rings loudly in my mind.

Reagan, GB 1 and 2, all of them spend so much of their country's credit line.

 

Only Bill Clinton made budget surplus from 1998 to 2000.

Sorry Republicans are old money politics...

[Greatbirdlegend]

Frankly whether it is Obama or anyone else, USA is in deepest shi1t.

Who to blame ? Republican presidents rings loudly in my mind.

Reagan, GB 1 and 2, all of them spend so much of their country's credit line.

 

Only Bill Clinton made budget surplus from 1998 to 2000.

Sorry Republicans are old money politics...

 

unfortunately both parties have their equal share in this.

goes back a long way.