U.S Senate Passes Debt Ceiling Bill
NTDTelevision
2011-08-03
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The U.S Senate has voted to raise America's debt ceiling. The new bill aims to cut the deficit which will keep the U.S. from defaulting on its debts.
At the eleventh hour the U.S. Senate has finally approved a bill which will cut spending and raise the country’s debt ceiling.
The measure – already passed by the House of Representatives - was approved by a vote of 74 to 26. The government’s 14.3 trillion dollar deficit ceiling will be lifted enough to last beyond the 2012 elections and while neither side agrees it’s a perfect solution they accept it is a satisfactory compromise.
In his remarks prior to the vote Senate Republican leader, Mitch McConnell said,
[Mitch McConnell, Senate Republican Leader]:
"Republicans may only control one half of one third of the government in Washington, but the American people agreed with us on the measure of the problem. They know that government didn't accumulate 14.5 trillion dollars in debt because it didn't tax enough. And if you're spending yourself into oblivion the solution isn't to spend more. It's to spend less."
Of course the outcome hasn’t come as a big surprise although many consider it to be unfair. According to Senate Majority Leader, Harry Reid the burden will be carried by the middle class and the poor,
[Harry Reid, Senate Majority Leader]:
"The American people are not impressed with the no new revenue. The vast majority of Democrats, Independents and Republicans think this arrangement we've just done is unfair because the richest of the rich have contributed nothing to this. The burden of what has taken place is on the middle class and the poor,"
President Barack Obama is expected to sign the deal immediately. This will draw a line under months of squabbling and unrest which had threatened America’s position as the world’s economic superpower.
Follow us on Twitter ☛ http://twitter.com/NTDTelevision
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The U.S Senate has voted to raise America's debt ceiling. The new bill aims to cut the deficit which will keep the U.S. from defaulting on its debts.
At the eleventh hour the U.S. Senate has finally approved a bill which will cut spending and raise the country’s debt ceiling.
The measure – already passed by the House of Representatives - was approved by a vote of 74 to 26. The government’s 14.3 trillion dollar deficit ceiling will be lifted enough to last beyond the 2012 elections and while neither side agrees it’s a perfect solution they accept it is a satisfactory compromise.
In his remarks prior to the vote Senate Republican leader, Mitch McConnell said,
[Mitch McConnell, Senate Republican Leader]:
"Republicans may only control one half of one third of the government in Washington, but the American people agreed with us on the measure of the problem. They know that government didn't accumulate 14.5 trillion dollars in debt because it didn't tax enough. And if you're spending yourself into oblivion the solution isn't to spend more. It's to spend less."
Of course the outcome hasn’t come as a big surprise although many consider it to be unfair. According to Senate Majority Leader, Harry Reid the burden will be carried by the middle class and the poor,
[Harry Reid, Senate Majority Leader]:
"The American people are not impressed with the no new revenue. The vast majority of Democrats, Independents and Republicans think this arrangement we've just done is unfair because the richest of the rich have contributed nothing to this. The burden of what has taken place is on the middle class and the poor,"
President Barack Obama is expected to sign the deal immediately. This will draw a line under months of squabbling and unrest which had threatened America’s position as the world’s economic superpower.
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