America moves towards budget deal

Leaders of both parties in the US Senate have agreed a deal which, assuming it is passed by both houses of congress, would put end to the government shutdown, which will be a great relief to people around the world as well as in America.

However, it is not the end of the story - essentially the agreement puts in place a temporary fix and set up a conference committee of the US House of Representatives and Senate to broker longer-term budget deal.

I don't think shutting down the US government was a particularly good idea, and allowing a default on U.S. debts would have been even worse, but I think those people in the Senate and House of Representatives who were worried about the rate at which America's debt was increasing have legitimate concerns, just as those who are concerned that the equivalent deficit here in Britain is still too high (even if it is coming down) are right to worry.

Let's hope the long term deal includes a serious attempt to get spending under control.

Comments

Jim said…
They reached a deal at the 11th hour and raised the debt ceiling????

Oh wow, I never saw that coming.

(the house of representatives have signed it)

the needle returns to the start of the song, and we all sing along like before.

Thing is congress can raise the debt ceiling, even if they do make a big song and dance about it, they can keep on raising it. Congress can not raise the lending ceiling, and that one is not too far away.
11:11 am
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