Daily Archives: August 1, 2011

Debt ceiling deal: What’s the impact on the economy, ordinary Americans?

By Bob L.

There are a lot a questions that this article brings up, like if they cut Government spending, how could that make job recovery worst then what it is now, or is it just a way to go back to the same old Government spending.

Just how much more are they going to cover up that they don’t want the people to know.

This picture of the two look awfully chummy, all most like they are hiding some thing.

Debt Ceiling Deal: Almost No Spending Cuts Before 2014

WASHINGTON (AP) — The first phase of a deal to raise the government’s borrowing limit would pose little threat to the economy in the short term because almost none of the spending cuts would occur before 2014.
Discretionary spending, which excludes Social Security, Medicare and Medicaid, would be cut by $21 billion in 2012 and $42 billion in 2013, according to an analysis by the Congressional Budget Office. That’s a small fraction of the nation’s $14 trillion economy.

The Democratic Unemployment Act


By David Weigel  
Aug. 1, 2011

How will President Obama and his party justify the spending
cuts in the debt deal?

On Sunday, after he’d been schooled by leaders on the automatic cuts that could
make a debt deal possible, Senate Budget Committee Chairman Kent Conrad, D-N.D.,
talked to reporters. He was tight-lipped on the details but broadly optimistic
about the bargain. There was one nagging question I wanted to ask: All the
discretionary spending cuts in the plan—did they threaten to slow down growth,
to drive up unemployment?


By Zachary Roth Senior National Affairs Reporter File/AP

In his announcement last night of the deal between Congress and the White House to raise the debt ceiling, President Obama declared that Washington leaders now “should be devoting all of our time” to addressing the country’s broader economic woes. But the agreement could itself have a major impact on the struggling economy, if it passes Congress.

So what’s the deal likely to mean for ordinary Americans? Continue reading

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