President Obama announced on Sunday that leaders of both parties, both chambers have reached agreement on a lot of debt reduction that "lift the cloud of uncertainty hanging over the economy", and possibly prevent the nation defaulting to its financial obligations of the nation.
According to the President, the agreement means an immediate reduction of $ 1 trillion in spending over 10 years accompanied by an increase of $ 900 billion in the debt ceiling. This will be followed by the creation of a committee to get additional cuts worth at least $ 1.5 billion passed by the end of the year. The debt ceiling will be increased by $ 1.5 trillion if the committee's recommendations are approved.
Each of the leading Democratic and Republican lawmakers in the House 12-member committee appointed to report in the autumn. Increased taxes are not part of the package and the promise of a balanced budget amendment vote.
Obama said that everything will be on the table and both parties to find some of the offensive cuts.
"Despite what some Republicans have argued, I think we need to ask the wealthiest Americans and most large companies pay their fair share by giving tax breaks and special deductions. Despite what some of my own party has made argued, I think we need to make some modest adjustments in programs such as Medicare to ensure that they are still there for future generations. Therefore, the second part of this agreement is so important, "said Obama in the meeting room of the White House.
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