Sunday, July 31, 2011

Obama announces deal on debt limit


US President Barack Obama

Source: Press TV
http://www.presstv.ir/detail/191750.html

The US lawmakers reach an agreement on raising the ceiling on the country's public debt limit, which President Barack Obama says is not the deal of his choice.

On Sunday, the chief executive announced the accord, saying "First part of this agreement will cut about one trillion dollars in spending over the next 10 years…cuts that both parties had agreed to early on in this process."

"The result would be the lowest level of annual domestic spending since Dwight Eisenhower was president," he added, referring to the 34th US president's 1953-1961 tenure.

"Is this the deal I would have preferred? No," Obama said.

The president urged the lawmakers to approve the plan in the next few days to end, what he called, a crisis imposed by Washington over the rest of America.

The agreement came after interminable wrangling on the Capitol Hill on the period of time the country needs to lift the limit to avoid failing to repay its staggering USD 14.3 trillion debt.

There are just two days left to lift the cap with the prospect of a default threatening to increase interest rates, devaluate the dollar and rattle the economies across the world.

The US officially hit its debt ceiling on May 16.

Washington owes about 47 percent of the money to foreigners. The biggest creditors are respectively China, Japan and the United Kingdom

No comments:

Post a Comment

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

Russia Today (Live)

World News 2017

South Front Military Review 2017

Syria - News 2017

Venezuela News and Opinion

Yemen News 2017

Palestine & Israeli Crime 2017

Iraq News 2017

US News 2017

Debate – Global Issues 2017

Current Affairs - Important Interviews – 2017

Important Information 2016 - 2017

The Russian Perspective

Turkey News 2017

Ukraine News 2016 - 2017

Iran News 2016 - 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Abby Martin – Empire Files

George Galloway – Comment & Opinion

Sheik Imran Hosein - Islamic Eschatology

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at livestream.com

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)