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.
Photo from tracyo via flickr.