Man, we were banking on an American default tomorrow morning. That debt-ceiling with a moon-roof sounded pretty cool.
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The new agreement will make a significant down payment to reduce our American deficit. More than $2 trillion in spending cuts and savings in both defense and domestic spending is predicted over a 10 year span.
On the debt deal, President Obama had this to say:
“Now, is this the deal I would have preferred? No,” Obama said. “But this compromise does make a serious down payment on the deficit reduction we need, and gives each party a strong incentive to get a balanced plan done before the end of the year.”
While this new piece of legislation cuts a good chunk o’ change, it also permits the nation’s $14.3 trillion borrowing cap to rise by up to $2.4 trillion, just enough to keep the government afloat through the 2012 elections.