After 16-days, an agreement has finally been reached that will put an end to the government shutdown. The bill, which was passed by both the House and the Senate, not only reopens the federal government, it also raises the federal government’s debt limit. In order to pass the bill, the Senate voted 81-18, while the House voted 285-144.
According to Yahoo News, while in the White House Briefing room, President Obama said, “Once this agreement arrives on my desk, I will sign it immediately, we’ll begin reopening our government immediately, and we can begin to lift this cloud of uncertainty and unease from our businesses and from the American people.”
What Is Included in the Increased Debt Ceiling Deal?
Under the newly agreed upon bill, the following will occur:
- The Treasury Department will have the power to continue borrowing through February 7. This means that the debt cap will be extended until that date.
- The government will be funded through January 15.
- There will be stronger income verification requirements for those individuals receiving ObamaCare subsidies.
- There will be a bipartisan budget committee who will be in charge of coming up with a broad budget decision by December 13.
What Would Be the Consequences if the Government Didn't Come to a Decision about the Debt Ceiling?
If the United States government hit the debt ceiling, according to several sources, the following may have occurred as a consequence:
- Interest rates could have increased dramatically
- Social security payments could have ceased
- Unemployment could rise
- Individuals could have had problems getting their social security verified
- Unemployment payments could have come to an end
- Stock market could have plunged
Although some individuals might not be happy with the content of the final bill, I’m sure many others are relived an agreement was finally reached.
How do you feel about this bill? Do you think it is only a disguise for bigger problems to come?
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