President Obama announced that the deal has reached by the leaders on raising the debt ceiling. Both parties seems to claim -- the other's victory, rather. They might be trying to appease the opponents. Let us hope some constructive results will follow after all these hostilities and vindication schemes.
The deal is not one or two step solution as Democrats and Republicans wanted. It is one point five. The Republicans' aim is clear -- they are taken the economy hostage, until another measure is taken to raise the debt ceiling to put people against the President.
The ceiling will be raised $900 billion for now. The spending will be cut $917 billion. Another $1.5 trillion will be raised if the special committee finds yet another $1.5 trillion cuts. The committee might find the cuts from social welfare benefits if $1.5 trillion goal is not met. In such cases, $1.2 trillion will be raised and $1.2 trillion will be cut from the welfare.
The deal is not one or two step solution as Democrats and Republicans wanted. It is one point five. The Republicans' aim is clear -- they are taken the economy hostage, until another measure is taken to raise the debt ceiling to put people against the President.
The ceiling will be raised $900 billion for now. The spending will be cut $917 billion. Another $1.5 trillion will be raised if the special committee finds yet another $1.5 trillion cuts. The committee might find the cuts from social welfare benefits if $1.5 trillion goal is not met. In such cases, $1.2 trillion will be raised and $1.2 trillion will be cut from the welfare.