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NMA: US avoids default in debt deal.

submitted by ant

1 decade 2 years 8 months 3 weeks ago

"After several days of high-stakes talks President Obama finally announced that a deal on the debt ceiling had been reached.

The deal will raise the debt limit by $900 billion and will tide the treasury over until after the 2012 election.

It will include $900 billion in spending cuts including $350 billion in defense cuts, while a special congressional committee will look for a further $1.5 trillion in savings.

Likely targets are Social Security and Medicare. The compromise means neither side is entirely happy."