$14.3 trillion (£8.7 trillion) in debt, way was this allowed to happen. 4 Presidents lifted the ceiling 14 times instead of trying to cut the debt and get the country back on its feet.
I wonder if we will see the congress and senate men and woman taking a wage cut and pay freeze, i think not.
Mr.Obama is cutting $1 trillion (£610bn) over 10 years, that is twice as much as Britains total debt which the goverment are trying to clear.
Britains debt was caused by the last Labour goverment so they are the ones to fault, just as Mr. Obama is not to fault it was the last Presidents.
The US was and could still be in danger of losing its AAA credit rating, which could have/might mean tax rises in the form of higher interest rates on mortgages and credit cards.
The US Congress is due to vote on a deal to raise the countrys debt limit and avoid the worlds largest economy having to perform a humiliating default.
The leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default,” Mr Obama said.
A default that would have had a devastating effect on our economy, but some experts have said that it couls still happen.
Earlier, President Barack Obama announced a deal had been struck between Democrats and Republicans to raise the US debt ceiling.
Mr Obama said the agreement will cut about \$1 trillion (£610bn) over 10 years, reducing government spending to its lowest level since the 1950s.
A special congressional committee will be set up to find another \$1.5 trillion (£915bn) in savings by the end of December.
The last-minute deal, which will allow the US to increase its borrowing by \$2.1 trillion (£1.3 trillion), still has to be approved by Congress later today.
Republicans had insisted on deep spending cuts before they would consider raising the \$14.3 trillion (£8.7 trillion) limit on US borrowing, turning a normally routine legislative matter into a dangerous political impasse.
It will be interesting to hear about how they are going to save money, i think it will be the poor, sick and elderly that will be hardest hit, the rich will only look after themselves.
With the vast amount of government buildings, complexs, and forces bases around America and abroad they could save $1 trillion in 10 years, just by making everyone turning of unused and unwanted lights, computers and monitors.
When you look at the tv at night the builds are burning lights all over the place with no-one working in them, what a waste. It may be a small thing but every little helps in a time of hardship.
If Britain had America’s debt we could never pay it of, i reakon it would work out at 8,850 £ billion, but then they would never be allowed to run that dept up to start with.