Tuesday, August 02, 2011

U.S. Debt Crisis - Debt Failure Avoided

Just happened on Capitol Hill / Washington DC:
After days of tough bargaining between Democrats and Republicans, House Speaker Boehner could finally present a debt plan that should avoid U.S. debt failure and global financial unrest. Even though considered as a "Sugar Coated Satan Sandwich" (Democratic Congressman Cleaver from Missouri), this deal will bring temporary relief to U.S. economy and help the Obama administration to carry on. As cuts to the social system are preferred to tax raises by the deal, many Democratic voters hesitated up to the last minutes of the vote to support it. The above picture shows the moment when members of the House acclaimed the reaching of a crucial number of votes. The final results are shown on the picture below.

Below the intrinsic consequences of the debt ceiling deal:

The following video is showing opinion statements on the subject shortly before the voting began. The essential role of the Republicans and their "allies" from the conservative Tea Party Movement:

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