Thursday, May 26, 2011

Biden, lawmakers discuss debt limit



US Vice President Joe Biden hosts a meeting with congressional Republicans and Democrats at Blair House, May 5, 2011

Source: Press TV
http://www.presstv.ir/detail/181656.html

US Vice President Joe Biden and senior lawmakers have begun discussing healthcare costs in an effort to raise the country's 14.3 trillion dollar debt limit.

Biden held a meeting with the US Republican and Democrat lawmakers on Tuesday to tackle the nation's burgeoning budget deficit and raise the 14.3 trillion dollar debt ceiling before August 2 deadline.

Top Republicans say Biden's talks are laying vital groundwork for an eventual compromise on measures to rein in the rise in the US budget deficit, but President Barack Obama will ultimately be required to seal the deal, Reuters reported.

US President Barack Obama has asked for a raise in the debt ceiling, looking to further increase the government borrowing as a solution, while Republicans disagree with the proposal.

Both Democrats and Republicans agree that the United States needs to reduce the ballooning budget deficits by $4 trillion over the coming decade.

Republicans have said they are ready to make compromise on their plans to cut healthcare costs to trim trillions of dollars from the US budget deficit. They previously offered cuts in benefits for elders, Medicare, and Medicaid funds.

Democrats, however, have opposed Republicans' plans despite they say they too want to curb the budget deficit. They suggest cutting the deficit by increasing taxes on the wealthy.

Experts say failure to increase the debt limit could be devastating for the US and other economies around the world. Medicare and Medic aid represent nearly a quarter of all US federal spending.

In his 2012 budget plan, President Obama aims to slash $1.1 trillion from the US deficit in over a decade, which triggered a fight on fiscal priorities with Republicans who want even deeper spending cuts.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russian / Ukraine War - (Mar 08th, 2024)

How the Ukraine War Changed the World - (Mar 01st, 2024)

Redacted - Egypt's betrayal of Palestine - Vanessa Beeley

CrossTalk | Magical thinking - (Feb 28th, 2024)

Hillary Clinton Interrupted & Called Out in Berlin

We don’t want war with Israel, but if they impose it on us, we are ready – Hezbollah

ICJ delivers ruling in favour of South Africa

ICJ ruling | Court stops short of ordering Gaza ceasefire, demands that Israel prevent genocide

South Africa's Closing Argument Against Israel for Genocide at the ICJ

Wider Middle East war. US, UK strike Yemen

U.S., UK Start Another Unwinnable War In Yemen

Geopolitical Storm Brewing from Palestine to Ukraine

How the US Global Order is Challenged - With Pepe Escobar (Nov 20, 2023)

Shahid Bolsen - Message to the Israeli people

Roger Waters - To Whom It May Concern: Please Stop.

US policy slowing down China's economy w/ Jeffrey Sachs

Max Blumenthal s destroys RFKJr's outrageous Israelí Propaganda

Totalitarianism, Censorship and Syria with Peter Lavelle, Vanessa Beeley & Kevork Almassian

Putin shows treaty on Ukraine’s neutrality, signed by Kiev but dumped under Western pressure

Assad's speech at the Arab League Summit - what it means for the future of the region

Assad returns to Arab League

HUGE China brokered deal, Iran & Saudi Arabia restore diplomatic ties

Nord Stream pipeline & sabotaging peace w/Jeffrey Sachs

The Tragedy of Ukraine

Historical Events that Led to the Start of the Ukraine Conflict

Your Wars Will Destroy the Planet - Roger Waters

Healthy Athletes suffer Heart Problems After Getting the Jab