The Senate passed a landmark plan to raise the federal debt limit and reduce government spending Tuesday, ending a partisan stalemate that threatened to plunge the nation into default and destabilize the world economy.Read the rest here.
The measure was approved by a vote of 74 to 26. It promptly went to President Obama, who signed it into law, giving the government the money to pay its bills ahead of a midnight deadline.
Speaking in the White House Rose Garden after the Senate vote, Obama called the legislation “an important first step” in ensuring that the nation lives within its means, and he said it avoids “cutting too abruptly while the economy is still fragile.” He vowed to keep working for a “balanced approach” to deficit reduction that includes “reforming our tax code so that the wealthiest Americans and biggest corporations pay their fair share.”
is the blog of an Orthodox Christian and is published under the spiritual patronage of St. John of San Francisco. Topics likely to be discussed include matters relating to Orthodoxy as well as other religious confessions, politics, economics, social issues, current events or anything else which interests me. © 2006-2024
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