Monday, August 1, 2011

Deal done - now the serious part begins

House Passes $2.1 Trillion U.S. Debt Ceiling Plan

The House approved legislation to raise the U.S. debt limit by at least $2.1 trillion and cut federal spending by $2.4 trillion or more, one day before a threatened default.
The House voted 269-161 for the plan negotiated by leaders and President Barack Obama over the weekend. Ninety-five Democrats voted in favor and 66 Republicans in opposition. The measure goes to the Senate for a final vote planned tomorrow.
“We’re coming up to a deadline we all must recognize: default,” said Representative Paul Ryan, a Wisconsin Republican and chairman of the Budget Committee. “Both parties got us in this mess; both parties are going to have to work together to get us out.”
Ryan called the spending cuts connected to the debt-ceiling increase “a huge cultural change” for Congress.
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Comment: This is not the end of an episode, this bill is the beginning of a long period of pain, though well-deserved, pain it still is. And hurt it will. And it will bring neiter peace nor prosperity. The proper name of the bill should be: Forget all hope.

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