Ceiling Up, Government Spending Down
Yesterday, August 2, 2011 US Senate approved of raising the debt ceiling after a series of debates and conferences that were held days before the vote. 46 Senate members of the Democratic Party and 28 members of the Republican Party voted in favor of increasing the debt ceiling, whereas 19 Republicans and 7 Democrats voted “no” for debt-increase. These results show vast dissimilarity to the House votes that occurred this past Monday, where 174 Republicans and 95 Democrats voted in favor of the debt increase, while 66 Republicans and 95 Democrats opposed the bill. I wonder where the difference in opinion between the House and the Senate stems from?
Anyway, both the House and Senate majority approval led President Obama to sign the debt-ceiling increase into law. However, with the debt ceiling increase Congress also decided that the government is going to have to cut it’s spending. Within the next few months Congress is going to have to get together and discuss what government funded programs are going to have to be cut in order for government to meet quota.
