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Tuesday, August 2, 2011

Senate votes for debt ceiling agreement, President Obama expected to sign today

Carl LevinImage via Wikipedia
Michigan's Senator Carl Levin (D)
who voted for the debt ceiling
agreement reached by House, Senate
leaders and President Barack Obama
doesn't believe the legislation is the
most 'ideal'.
The U.S. Senate to sent President Barack Obama a deal raising the debt limit by up to $2.4 trillion dollars, on August 2nd.  Forestalling a fiscal crisis, for now, the President is expected to quickly sign the measure. 

This deal opens the door to what could be deep cuts to both defense spending and social programs in immediate years to come.

Senate Democrats, House Republicans and the White House have agreed to appoint a joint commission known as a “super-congress” to look into spending. If spending cuts are not enough to control the debt limit from increasing, deeper spending cuts to defense, Medicare and Social Security could take place, starting in 2013.

The Senate passed the deal 74-26 with both of Michigan’s Democrats, Carl Levin and Debbie Stabenow, voting for it.
“To say the legislation before us is not ideal is truly an understatement,” said Senator Levin (D-MI), who, wished for Republicans gave more on raising tax revenues rather than focusing only budget cuts.
More information on the debt ceiling agreement, is available at the Detroit Free Press.

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