BiggnightsObama Endorses Bipartisan Deficit-Cut Plan
July 20th 2011 05:47
A bipartisan group of senators recently proposed a plan for a decrease in spending and increase in taxes, subsequently endorsed publicly by President Obama. The plan calls for $3.7 trillion in debt cuts.
Though Republicans initially refused to budge on their insistence for tax cuts, the newest proposal has elements that appeal to both sides. Most importantly, it appears as though Congress will be flexible enough to get a deal done at some point, despite resistence by House Republicans.
It is important to keep an eye on this issue and how it affects the financial markets in the meantime, especially because the new plan has the potential to impact certain industries.
With the United States government having only until August 2nd to raise the nation’s borrowing limit or risk defaulting on its debt, Obama’s immediate support is crucial to our nation’s economy.
Though Republicans initially refused to budge on their insistence for tax cuts, the newest proposal has elements that appeal to both sides. Most importantly, it appears as though Congress will be flexible enough to get a deal done at some point, despite resistence by House Republicans.
It is important to keep an eye on this issue and how it affects the financial markets in the meantime, especially because the new plan has the potential to impact certain industries.
With the United States government having only until August 2nd to raise the nation’s borrowing limit or risk defaulting on its debt, Obama’s immediate support is crucial to our nation’s economy.
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