Congress to Vote on Debt Deal
Reuters is reporting that a vote is expected later today on the bipartisan debt deal reached over the weekend by Congress. Congressional leaders are scrambling to line up Republican and Democratic votes on Monday for a White House-backed deal to raise the U.S. borrowing limit and avert an unprecedented debt default.
The Democratic-led Senate is expected to pass the deal, which raises the $14.3 trillion debt ceiling and cuts about $2.4 trillion from the deficit over the next decade.
However, the deal may face tougher opposition in the House of Representatives, where both conservative Tea Party supporters and liberal lawmakers have expressed dissatisfaction with the agreement. Tea Party supporters wanted a budget amendment attached, and liberal lawmakers think the cuts unfairly target much-needed social programs.
While the deal means the United States is unlikely to default, it remains to be seen whether this debacle will affect the country's top-notch AAA rating.
This is what happens when grown, elected officials engage in petulant behavior in order to get attention, as opposed to doing what's right for the country. Instead of working together toward a plan that best meets the needs of those in the country from the beginning, they chose to posture and engage in shenanigans that have embarrassed Congress and this country.
Clearly they weren't thinking about how the here and now would impact the future, and now they must wait to find out the real damage that was done. It has been said before and needs to be said again: In the words of MC Breed, "Ain't no future in yo' frontin'."
Read more at Yahoo News.
In other news: Deal Reached on Debt Limit.