Debt Ceiling Deal Making Progress

: Chris Lee Law Firm

  Filed under: News

debt-dealWhile most of us were out running errands, spending time with family and lounging around the house this past weekend, our nation’s congressional leaders were busy hammering out a deal to help resolve the debt crisis. After a long weekend of debate and negotiation, congressional leaders may have finally reached a deal over our nation’s debt issues. With the debt decision deadline approaching rapidly, congress will have only one day to reach a final decision.

All In Favor?

The deal put forth by the congressional leaders has been sent to the House and Senate for vote and approval.  Although the deal is said to be less than ideal, it may be enough of a compromise to satisfy both parties. However, congressional representatives from both camps admitted the deal will likely cause issues among their own camps as well as the opposing party. The deal outlined more than $2 trillion in federal spending cuts over the next 10 years and will allow a $2.4 trillion raise in the debt ceiling, bringing the nation’s maximum debt ceiling to $14.3 trillion. The debt ceiling will get an immediate boost by $400 billion and another increase of $500 billion after September.

This deal may not be what we were looking for, but it is said to provide continued coverage for Treasury’s borrowing needs until 2013. This comes as good news to all those depending on federal aid through programs such as Medicaid,Medicare and Social Security. All eyes are on the House and Senate today as a final decision over the proposed deal is in works. However, obtaining the necessary amount of votes to approve the deal isn’t expected to be easy. Regardless of political lines, it is understood that neither party wants the nation to default for the first time in history.

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