Tag: 14.3 trillion debt ceiling

This is a very important short term solution, but the political argument over the federal debt is far from over.

For one thing, Congress as a whole must still vote to approve the agreement — and for another, the deal creates a new congressional committee to tackle the age-old debate over federal debt and spending.

President Obama finds himself between a “rock and a hard place.” A major dilemma with the situation offering at least two possibilities, none of which may be politically acceptable.

In a radio address broadcast Saturday, Obama called for a bipartisan deal to increase the $14.3 trillion debt ceiling, while cutting federal spending in the years ahead.