$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.
This blankety, blank deal stinks! Like most Americans, I’m sick to death of the game playing in Washington. I’m a confirmed Democrat and I believe in helping peole who can’t help themsleves, but I also want to see us pay down our debt. We are virtually owned by foreign investors. Not good.
I agree we need to cut spending to a reasonable degree, but not so much that the elderly and sick can’t get health care — or even food and shelter in some cases. And it burns me up that the Republicans and Tea Party fanatics refuse to raise taxes on their wealthy constituents. Grrr! I could just spit nails!
That’s all they are doing playing game’s, looking for the vote’s. America need’s to cut it’s dept fast, nearly $17 trillion, total madness. The persident’s before Mr.Obama are totally to blame, instead of trying to fix it they were thinking of the next election. The tea party, ha ha, what a name and look at some of the idiot’s that joined it.
“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.” HahAHAhahhahah Ah…. Which 10 years will that be again? HeHeHe! That’s a laugh for sure.
The US debt is nearly 20 trillion I wonder who and how long will it take them to clear it. I can honestly never see it cleared, it was the wasters of the Labour party who put Briton into so much debt, spend without having the money, bad housekeeping. I do think the way they are going it will be cleared in five years.