US Senate approves the agreement and prevents the default
Washington, August 2, 2011
US Senate approved the agreement that prevents the default with 269 votes in favor and 161 against.
This agreement implies the debt ceiling reach 2,1 billion dollars in 2013, while there will be a cut of deficit of 2,5 billions dollars in the next ten years.
The adjustment will affect social programs and medical systems like Medicare or Medicaid. This had impulse a strong resistance from left wing democrats, who couldn’t impose taxes for richest people.
The law was approved yesterday in the Representative House where the project had to pass an enormous challenge because it is controlled by republicans, who rejected it due to the defense cost-cutting.
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