The debt ceiling battle at a glance
August 1st, 2011
08:42 PM ET
7 years ago

The debt ceiling battle at a glance

Washington (CNN) - President Obama and congressional leaders have agreed to a plan that would lift the nation's credit limit and avoid an unprecedented default on its debt, which could have widespread economic ramifications ranging from higher interest rates to a predicted stock market crash. Congress still must approve the deal by Tuesday.

Here's the situation at a glance:


The two-stage plan calls for $2.4 trillion in savings over the next decade, although the the Congressional Budget Office pegs the savings at $2.1 trillion.


Filed under: Congress • Debt • Deficit
soundoff (10 Responses)
  1. sweetwater

    This is only the beginning of a nightmare in this country!

    August 1, 2011 09:16 pm at 9:16 pm |
  2. Jr

    Is anyone that actually took part in this decision in the middle class? What happened to equal representation? This seems backwards as the middle class built this country w their debt and backs. I feel for my kids.

    August 1, 2011 09:32 pm at 9:32 pm |
  3. JB

    I thought this debt clock belonged to Becks! at fox news!!

    August 1, 2011 10:28 pm at 10:28 pm |
  4. Four and The Door

    " Obama said in announcing it Sunday night. But he added that it makes "a serious down payment on the deficit reduction we need and gives each party a strong incentive to get a balanced plan done before the end of the year."
    2 words for Obama: Ryan Plan. When are the Democrats going to come up with anything half as effective as this?

    August 1, 2011 10:39 pm at 10:39 pm |
  5. Name Jan Cain

    I hope it means we cut out the ridiculous crap like pickle research & other nonsense. It is very bothersome to know my children & grandchildren will have to inherit this gigantic debt! Joe Beiden's statement about Tea Party members being "terrorists" is just another sign as to why he just should not open his mouth!

    August 1, 2011 10:47 pm at 10:47 pm |
  6. Harrison

    Guess he can go back to tanning and golf.

    August 1, 2011 11:20 pm at 11:20 pm |
  7. Jeff in Virginia

    I am still amazed that debts only seem to matter when being run up by somebody on the left.

    August 1, 2011 11:20 pm at 11:20 pm |
  8. Scott

    Well, When the Vice President of the United States refers to the Tea Party as "Terrorists" for standing their ground on responsible fiscal priciples, and his Democratic party is AFRAID of calling the muslim extremists "TERRORISTS", they show how out of touch they are from the average American and show their true anti-american and pro-world views. God we need Gov. Rick Perry.

    August 1, 2011 11:51 pm at 11:51 pm |
  9. The Day of Financial Reckoning is HERE – The Great Democrat Welfare Society Ends

    The debt sign is inaccurate. Since half the people in this country pay no federal income tax, they would most likely not be paying this off as well. So assume if your a working stiff paying taxes, the amount is twice what is shown. This is your reward for not being a government dependent.

    August 2, 2011 06:53 am at 6:53 am |
  10. The Greedy Old Pigs have declared class war on US!

    The GOBPbaggers saved their corrupt corporatist cult leaders from having to share in the sacrifices the rest of us are making. He was paid to care for the greedy and not the needy and he delivered. A sad day for America, though the teatards are undoubtedly happy about all the big checks they'll be cashing soon.

    And of course the article fails to mention that 60-80% of our nation's wealth is held by the top 2-5%. Thus, they should be paying 60-80% of our nation's expenses.

    August 2, 2011 07:48 am at 7:48 am |