The President and congressional leaders reached an agreement last night to meet the financial obligations of the USA, and reduce the nations deficit. Many people will, surley, have a lot to say about this deal, but here’s what the US President wants you to know:
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According to The White House, this is the main features of the new debt agreement:
- Removes economic uncertainty surrounding the debt limit at a critical time and prevents either party from using a failure to meet our obligations for political gain.
- Makes a significant down payment to reduce the deficit — finding savings in defense and domestic spending while protecting critical investments in education and job creation.
- Creates a bipartisan commission to find a balanced approach to continue this progress on deficit reduction.
- Establishes an incentive for both sides to compromise on historic deficit reduction while protecting Social Security, Medicare beneficiaries, and programs that help low-income families.
- Follows through on President Obama’s commitment to shared sacrifice by making sure that the middle class, seniors, and those who are most vulnerable do not shoulder the burden of reducing the deficit. As the process moves forward, the President will continue to insist that the wealthiest Americans share the burden.
Here’s the official info-graphics:
But here are the details: