Tag Archives: america’a debt problem

America’s debt

$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.

Continue reading