America Is Losing: The Debt Ceiling Bill Gets Passed By The Senate…Good News Or Bad News?

- By Bossip Staff

So the government isn’t going up in flames today, but is this debt ceiling bill any better?

The U.S. Senate passed a last-minute compromise plan to raise the nation’s $14.3 trillion debt ceiling Tuesday, sending the bill to President Barack Obama to be signed into law only hours before what would have been an unprecedented default.

If the debt ceiling had not been increased before the end of Tuesday, Americans could have seen rapidly rising interest rates, a falling dollar and shakier financial markets, among other problems.
Regardless, the federal government could still face a credit rating downgrade.

The agreement — reached Sunday by Obama and congressional leaders from both parties — calls for up to $2.4 trillion in savings over the next decade, raises the debt ceiling through the end of 2012 and establishes a special congressional committee to recommend long-term fiscal reforms.

So…good news: the government doesn’t go into default and we’re still rolling.

Bad news: there are possibly $1.8 million jobs lost in the next year. Interest rates are still going up and government spending is getting cut. So, we’re still going to be in trouble for a while. At least the crisis was averted! Now we just need Obama to finally approve it.

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Comments

  • twoface

    and the rich stay richer…there taking away and cutting programs or services some real people really need just be prepared to live like denzel washington in book of eli…chapped lips and all

  • bb1047

    @blackpride
    Have you been living under a damn rock for the past 4 years in the middle of nowhere. Obama has done more things for this ungrateful country than I can count.
    He signed the american recovery reinvestment act
    Announced the “making home affordable” refinancing plan
    Launched a 15 billion dollar plan to boost lending to small business
    Signed an executive order establishing the urban affairs
    Approved the first federal chief information officer
    Signed the childrens health insurance reauthorization act
    Provided federal funding for science and research….
    The list goes ON and ON. Please do your research before you talk sh*t because now u just look like a typical uneducated american.
    Obama has done more positive things for this country and its youth than any president I have been alive to see. So I have a question for you?? Who do you think is “right” for this country.. Michelle bachman? Donald trump? I sure as hell don’t want any of these newly out of the closet racist republicans to be the head of anything in my life. We have been drowning ourselves in debt before obama came to be our president. You can only expect one man (who doesn’t have as much power as you think he does) to magically clean up the mess bush and his followers left. You can’t expect one presidential term to make all of our country’s imperfections disappear. I would to see you throw on a jersey and get in the white house and make america perfect again.

    Give me a damn break.
    Contrary to popular belief a lot of people voted for obama not because of his skin color but because of his intelligence and ideas. The fact that he was black was an added bonus..its time for america to get with it. We need to venture out with our presidents. And hey! If the next president happens to be white so be it. As long as he knows what the hell he is talking about then he gets my vote!

  • bbeautifull

    Thank u bb

  • Who's the baddest?.....Sho-nuf!!!!

    Cosign @ black pride!!!! Totally agree with ur statement! And @ bb1047 and ur a lie a lot of black people voted for president because he was black and they thought he was a black super hero! All the things u just named is all fine and dandy but what’s the good in all that when our Country is going down in the dumps! People losing jobs or can’t even get a job or even keep they’re head above water! Ur delusional if u think the president doing all these great things! I voted for Obama and I’m not voting for him again! I’m done! As far as I’m concerned all politicians are snakes! Oh and BTW….. Ur great lil’ president Obama Administration is Bush’s Administration minus Condi Rice and Powell! Don’t believe me research it! Since Obama’s been in Office our country has been in shambles! U can be blind and sit around talking about all the “positive” things this man have done or be fed up like a lot of people, quiet as it’s kept! And stop being angry at people who’s opinion is different with yours, not everybody is down with this guy, people are tired!

  • Jake

    He ant do ish 4 me.

  • nikkislim

    @Jake,
    What have u done for yourself?

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