President Barack Obama can breathe freely. Because the debate about the country's budget deficit ended happily. Two of the Republican and Democratic party has one vote. According to AP and AFP on Monday (08/01/2011), both parties have agreed on the amount of increase in the budget deficit ceiling. With the deal, the U.S. would avoid a default condition.
Furthermore, Obama said the deal would cut government spending by 1 trillion dollars in a span of ten years into the future. Not only that, based on the agreement, Republicans and Democrats will form a committee. In November, the committee will report on the preparation of additional proposals spending deficit reduction.
Congress still must vote to approve the deal. "I would like to announce that the leaders of the two parties have reached an agreement that would reduce the deficit and avoid a default situation, a situation that could lead to the destruction on our economy," Obama said.
Both Democrats and Republicans on Tuesday faced with a deadline to raise the debt ceiling limit on the 14.3 trillion dollars.
Earlier U.S. Treasury Department warned the government would run out of money to pay the entire bill payment. Unless, the government's debt ceiling be raised no later than Tuesday.
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