Support for LAist comes from
We Explain L.A.
Stay Connected

Share This

News

Debt Ceiling Dealings: President Obama Addresses The Nation, Agreement Reached, Spending To Be Cut By $1 Trillion

(AP Photo/Charles Dharapak/ FIle)
Stories like these are only possible with your help!
You have the power to keep local news strong for the coming months. Your financial support today keeps our reporters ready to meet the needs of our city. Thank you for investing in your community.

Debt Ceiling dealings took to the television at 5:40 p.m. on Sunday when President Barack Obama addressed the nation to say that congressional leaders in both parties had reached an agreement on a deal that would reduce the deficit and avoid U.S. default.He called the process "messy" and remarked that it's taken "far too long." Obama said spending will be cut by $1 trillion over the next 10 years. Although the president said it was not the deal he wanted -- he felt "tough choices" on entitlement reform and tax reform could have been settled now instead of the through a "special congressional committee process" -- it seems the government will not run out of money on Tuesday, provided Congress passes the bill.