Washington (CNN) – The U.S. House on Monday passed the debt-ceiling deal worked out by President Barack Obama and congressional leaders, sending it to the Senate for consideration a day before the deadline for the government to face possible default.
A Senate vote was expected Tuesday, according to multiple Senate leadership aides from each party.
What's sad is that everyone seemed to know this is what the compromise was going to look like even a month ago – yet they had to go through all the drama and symbolic voting right up to the deadline. Everyone is to blame here – even Obama, who I usually support. As a look back now, his primetime speech calling for a balanced approach was ill-timed. It should have been done a month ago, not a week before the deadline. As such, I believe Democrats were forced to give in more than the Republicans.
A cuts-only approach is almost certainly going to throw our economy back into a recession if it hasn't done so already. There is news of more companies starting to make big layoffs again – HSBC annoucning they are going to lay of 25,000 despite posting over $11.5 billion in profits.
It seems everyone, even Democrats, are scared of the tea party which is going to be the death of us. Every sane economist has said that making big cuts now is going to hamper any continued recovery, but the jerks on Capitol Hill don't seem to care.
I agree that our deficit is a problem, but unemployment is a worse problem. If we were running at 5-6% unemployment, the economy would feed itself like it did in the 1990's when we were able to produce a budget surplus. Had we continued that path, we could have paid down the debt without making cuts to services, but the very same whiners in thre GOP stood by and allowed our debt to balloon under Bush with tax cuts, 2 wars, and Medicare Part D and then had the audacity to blame it all on Obama.
Our government makes me sick.
Good – this means unemployment will immediately drop to 4.0 because the tax cuts are assured now.
I still remember 2010 - JOBS JOBS JOBS JOBS JOBS
Kudos to the President. He is very, very talented and gifted man who knows how to deal with huge problems which really eats a lot of brains and no one think how on earth they can solve them. From Rev. Wright issue, to eliminating Osama bin Laden and now rescueing all of us falling into default trap.
The work left to strike the final deal is not huge as am sure the Senate will solve it in a grown up manner way. What will be left is the Congress, which is full of my very sturbbon friends (the Teabaggers). Whatever they decide there, we all understand them!
Vote NO on this bill. It does absolutely nothing to stop the increases spending and prevent us from hitting the debt ceiling again in the future. This is simply unacceptable.