We are currently at $14.3 trillion in debt if not more. Democrats don't want to cut spending and they are fighting tool and nail justifying new taxes as America slips into its next recession as unemployment returns back to 10%. This doesn't sound like a good mixture to create jobs and deliver America from economic turmoil.
Here's what the Dems want for now. They want a short-term fix that gives them the ability to borrow $1 trillion more, which will probably me gone in six months, which will be the time they feel the urge to raise the debt ceiling again.
"We're working on a number of different proposals ... We discussed four of them with the president yesterday," Senate Democratic Leader Harry Reid told reporters.
A seven-month extension is one of those options, the aide said. With the country borrowing roughly $150 billion per month, that would require a debt-limit hike of roughly $1 trillion. Negotiators had tentatively agreed on at least that amount of spending cuts before talks collapsed.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment