Community Corner

Debt Ceiling Deal Reached

The president has announced a compromise to avert a default.

There might be a deal that could keep the federal government, and all of its services, running past Tuesday.

President Barack Obama announced Sunday night that he and Republican congressional leaders have reached a compromise that could avoid the looming national default, according to multiple news sources.

According to the Huffington Post, Republican Speaker of the House John Boehner called the president Sunday to say they have a deal.

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Despite the optimistic thoughts, the House and Senate still have to vote on the proposal that eliminates trillions of dollars in spending and allows the government to increase its borrowing limit, according to the New York Times.

Last week, U.S. Rep. Joseph Courtney, D-2nd District, said a compromise was needed because, ''Downgrade is as bad as default.''

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Courtney said that if ratings agencies downgraded U.S. Treasury bonds from their current AAA rating, it would drive up lending costs, therefore damaging a fragile economy.

What do you think of the proposal?


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