Debt deal reached,only 2 trillion in cuts over 10 years

Discussion in 'Politics' started by AK Forty Seven, Jul 31, 2011.


    Obama, Congress reach a debt deal

    WASHINGTON (AP) — Ending a perilous stalemate, President Barack Obama announced agreement Sunday night with Republican congressional leaders on a compromise to avoid the nation's first-ever financial default. The deal would cut more than $2 trillion from federal spending over a decade.

    Default "would have had a devastating effect on our economy," Obama said at the White House, relaying the news to the American people and financial markets around the world. He thanked the leaders of both parties.

    House Speaker John Boehner telephoned Obama at mid-evening to say the agreement had been struck, officials said.

    No votes were expected in either house of Congress until Monday at the earliest, to give rank-and-file lawmakers time to review the package.

    But leaders in both parties were already beginning the work of rounding up votes.
  2. This year we run a 1.645 trillion dollar deficit, so we will about about $355 billion left for 2012 in which Obama says we will only run a 1 trillion dollar deficit. (Of course, they somehow expect revenue is supposed to increase 20% in 2012 from $2.1 trillion in 2011 to $2.6 trillion in 2012. (and then to $3 trillion in 2013)

    I really wonder how they think they are going to increase revenues by 50% in the next two years. I mean, we either need to have one hell of a boom, or a shit load of inflation.
  3. I hope our congressmen can do math. $2 Trillion over 10 years doesn't immediately strike me as a solution.
  4. ==============
    The Tea party can do math
    Lets see that tea trend over the next 10 years; or downgraded debt:cool: