by Ayvaunn Penn, Your Black World
The ball is finally rolling with the debt-deal debate. On Sunday, President Obama reached an agreement with the Democrats and Republicans of Congress. The deal entails $2.4 trillion be saved over the next ten years while also raising the debt ceiling through 2012. The deal also calls for a special congressional committee designated just for recommending long-term fiscal reforms.
Next, the deal went to the House of representatives on Monday where it was passed successfully. CNN reports that “the House overcame opposition from liberal Democrats and tea party conservatives for ideologically different reasons to pass the measure by a 269-161 vote.” Now, the deal is set to be voted on by the Senate on Tuesday — just one day prior to the government default deadline.
According to CNN, “Senate Majority Leader Harry Reid announced his chamber will take up the measure at noon on Tuesday. No amendments will be allowed, and approval will require a super-majority of 60 votes in the 100-member Senate, Reid said.” The final bill must make it to Obama’s desk by Tuesday. If it does not, Americans are almost sure to suffer rapidly increasing interest rates and an increasingly weak dollar in addition to other serious problems.
Ayvaunn Penn is the founder of Your Black Poets and an award winning writer completing her degree in English and philosophy. To inquire about her freelance editing services, click here. To like Ayvaunn on Facebook, click here.