A Debt Deal in US, but Stocks Still Slide
04 August 2011
A stock trader at the New York Stock Exchange watches President Obama on TV as he speaks to the nation about the debt agreement.
This is the VOA Special English Economics Report.
This week President Obama signed a bill raising the nation’s borrowing limit. That debt deal, however, failed to keep stock markets from dropping. Prices fell sharply on growing economic concerns about the United States and the world.
The legislation followed months of arguing that only added to those concerns. Congress sent the bill to the president to sign into law on Tuesday. That was the last day the government said it had enough money to make all of its payments.
The Budget Control Act of 2011 lets the government seek financing to pay its bills until twenty-thirteen. Congress agreed to lift the debt ceiling by over two trillion dollars, but also to make spending cuts.
President Obama said it was a starting point.
BARACK OBAMA: “This compromise guarantees more than two trillion dollars in deficit reduction. It’s an important first step to ensuring that as a nation, we live within our means. Yet it also allows us to keep making key investments in things like education and research that lead to new jobs. And assures that we’re not cutting too abruptly while the economy is still fragile.”
Richard Gordon worked with the International Monetary Fund for nearly ten years. He says there is a risk in cutting the federal budget too much when unemployment is high.
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