Debt Limit Compromise Nears

Posted on Jul 20 2011 at 11:59:02 AM in Government

Debt Limit Compromise Nears

July 20, 2011. Washington. The US House of Representatives approved a bill yesterday that would end the debt crisis in America before the Aug. 2 doomsday deadline. With the vote mainly along Party lines, this Republican sponsored plan has little hope of becoming law. Fortunately, there are a total of four options Congress has to choose from. Unfortunately for the American people, none of them spell good news for the average citizen and taxpayer.

‘Plan A’ as it’s being referred to because it’s the only proposal to clear one of the two houses of Congress so far, is the Republican sponsored, House approved bill that would not raise taxes at all. If necessary, it would allow the debt ceiling to be raised. But the vast majority of the legislation targets broad and gigantic cuts to social services.

Read the full article here:

  Article Information
Created: Jul 20 2011 at 11:59:02 AM
Updated: Jul 20 2011 at 11:59:02 AM
Category: Government
Language: English