2 August 2011
Obama said this decision was a very important first step on the way to solving the U.S. financial problems. He also noted the Congress should take other measures to increase the economic growth and create new jobs.
“Moreover, it’s not the risk of default or economic crisis that has to make folks work together and do their jobs,” – the president said.
According to the bill, the deficit will be reduced by $917 billion over the next 10 years. In addition to it, a joint House-Senate committee with equal numbers of Republicans and Democrats will be created. The committee will have to find $1.5 trillion in additional deficit reduction. The final plan should be presented until Thanksgiving. It could include tax increases and reforms to Social Security and Medicare. Then, by December 23, the Congress would vote on the plan without any amends.
It’s obvious that business groups were very relieved by the news about debt ceiling being raised.