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Senate Approves Debt Deal

Senate Approves Debt Deal

Today the Senate approved the debt ceiling bill passed by the House last night. The final vote was 74-26. The measure now goes to President Obama for his signature.

Both Republicans and Democrats reluctantly supported the deal, which many believe will stall the already sputtering economy and exacerbate job loss. And even though most of the spending cuts in the next two years are modest in the overall context of the federal budget of $3.7 trillion dollars, there is no denying those cuts will have an immediate negative impact on a nation already facing 9 percent unemployment across the board. Factor in unemployment disparities among race and the picture gets even bleaker.

Let’s be clear here, austerity measures are going to hurt this economy and that was exactly the Republican’s point. For them this was never a fight over policy and always a fight over politics.

The President offered brief remarks after passage, choosing to focus on the work that lies ahead- jobs and investing in the American economy. How exactly that investment will happen now though is anyone’s guess.

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Photo from tracyo via flickr.

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9:13AM PDT on Aug 4, 2011

$174,000 is peanuts compared to the private sector. The total payroll for all senators and representatives is around $100 million. An experience pol can pick up $1 million per year after he leaves office. You're straining at gnats worrying about their income. It costs $1 million per year to keep one soldier in Afghanistan. Afg costs $100 million in 8 hours. $100 million is 0.015% of the defense budget. The average congressional pension is around $40,000 - about the same as the average wage.

Pick something worthwhile to worry about.

8:56AM PDT on Aug 4, 2011

We need to reduce the salaries of our mendacious politicians in Washington who make $174,000 a year with a big pension and free healthcare benefits. 15 million Americans can't find a job, and these crooks and liars in Washington live like kings.

8:01AM PDT on Aug 4, 2011

He have shot ourselves in the foot. There is surely some level of spending on some package of services for the poor such that trying to get by with spending any less on them will cost more in the long run. The package most likely includes low-income housing (rent = 1/3 of income), affordable health care, and some sort of employer of last resort program.

1:33AM PDT on Aug 4, 2011

the ass holes of republicains are the ones who put or national trust in a deep debt,dont forget they spoiled the money,not obama

7:49PM PDT on Aug 3, 2011

According to one estemate,the cuts will eventually mean 1.8 FEWER jobs.Another result of this deal is that the wealthy that WE THE PEOPLE rescued 3 years ago with TARP,won't be required to put in a single penny to help with the deal's debt reduction. A deal,alright,a DIRTY DEAL!

7:20PM PDT on Aug 3, 2011

This round was a huge victory for the TEA Party. When will workers, the poor, the elderly and students wanting a quality education realize that the ordinary folk of the land cannot win until they organize and stand up for their needs and rights?

6:19PM PDT on Aug 3, 2011

A pox be upon both houses.

4:32PM PDT on Aug 3, 2011

War is costly, as is rebuilding countries torn apart through disputes. Natural disasters are another expense currently an epidemic. Abortion and birth control education also take a huge toll on society. The NASA program has spent a billion dollars a day since it's beginning. Research on flies and cloning much more than is readily available. Could the U.S.A. have some of it's priorities wrongly placed? C.T.

9:14PM PDT on Aug 2, 2011

If we raised taxes on all people making $250,000 a year or more, we could create additional revenue to help pay down the debt. Of course republicans would never agree to this because they are all rich themselves and in bed with corporate America. Republicans will do everything to protect the rich, and destroy the poor and middle class, because they are all rich themselves.

7:00PM PDT on Aug 2, 2011

Republicans got what they wanted (spending cuts and no tax increases) by acting like the three year old in the candy aisle of the grocery store, stomping their feet, screaming at the top of their lungs, and throwing a fit until their parents give in and buy them the candy.
Since President Obama caved in and gave them almost everything they wanted (for the financial sake of the nation) instead of taking them to the woodshed, I guess we the voters are the ones who need to take the Republicans to the woodshed and hold them all accountable next November at the voting booth.

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