Breaking News. Obama and Republicans Reach Debt Compromise

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This evening (Sunday, July 31, 2011), Obama reached a compromise with Republican congressional leaders on the debt ceiling, to avoid a financial default.
Few details are available but the AP’s David Espo reports that the deal would:

  • Cut more than $2 trillion from federal spending over a decade. Thousands of programs – the Park Service, Labor Department and housing among them – could be trimmed to levels last seen years ago.
  • But the federal debt limit would rise in two stages by at least $2.2 trillion, enough to tide the Treasury over until after the 2012 elections.
  • No Social Security or Medicare benefits would be cut, but the programs could be scoured for other savings. Both could be on the table along with changes in tax law as part of future cuts.
  • Taxes would be unlikely to rise.

No votes were expected in either house of Congress until Monday at the earliest, to give rank-and-file lawmakers time to review the package. But leaders in both parties were already beginning the work of rounding up votes.

Senate Democratic leader Harry Reid bombastically proclaimed that “in the end, reasonable people were able to agree on this: The United States could not take the chance of defaulting on our debt, risking a United States financial collapse and a world-wide depression.”

To read the full AP article, go here.
H/t beloved fellow Anon!
~Eowyn

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0 responses to “Breaking News. Obama and Republicans Reach Debt Compromise

  1. Sure hope everyone is as tired of the dog-and-pony show as I am. Who in the world do the politicians think they are fooling? If they were serious about our welfare, unemployment would be down, we would be drilling for oil off our own coasts, the old light bulbs would be manufactured again, Al Gore and his global warming co-horts could go peddle their wares elsewhere and the millions living off government dole right now, being primed to vote for Obama with our tax dollars paying the tab, would be encouraged to go to work, or starve! For some crazy reason, I don’t ever want to see King Obama at the helm.
    Clifton Lee West

     
  2. What they are actually going to read the package?
    No raise in taxes? I’ll believe it when I see the final deal…

     
  3. Am I The Only One?

    And Congress and the President will work for Free!
    Donkeys Will Fly!
    And There Are Reports That Hell has Started Seeing Some Ice!

     
  4. Betcha we get a downgrade tmrw to AA…idiots in charge are screwing this country so bad!

     
  5. So, they are going to cut $2 Trillion (which is only a fraction of what truly needs to be cut) over ten years, but they are going to give Obama $2.2 Trillion we all know he will promptly burn right through buying lots of votes between now and the next election.
    And I’ll bet they won’t cut a dime out of the spending. They never have before.
    What a fraud this all is, as all the repubes have done nothing but give away the store.
    -Dave

     
  6. The repubs have one last chance to redeem themselves, and that is to vote not just no, but Hell No!
    -Dave

     
  7. OBAMA surrenders again . What the heck is wrong with this man ?
    He betrays his party and middle class . Never will i vote democrats again .

     

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