United States Reaches Agreement to Avoid Bankruptcy

Harry Reid and Mitch McConnell

President Barack Obama and members of the Congress reached an agreement that must be approved by the Senate and the Chamber of Representatives. The agreement reached allows the government to raise the debt limit in exchange for deep cuts in public spending.

However the members of the democracy announced that they will oppose this measures. Obama confirmed that the agreement includes the immediate reduction of one billion dollars en expenses. Such agreement could mean an increase in taxes, although this can be conditioned to negotiations in the upcoming months.

Meanwhile the democratic leader informed to the Senate Assembly, Harry Reid pointed out that this pact does not make the republicans happy much less the democrats, but the Congress will work together against this critical situation. The republican leader, Mitch McConnell, assured that the risk of payment suspension is gone. The president of the Chamber of Representatives, John Boehner has participated during the whole negotiations.

Today every leader will cast their respective agreement to their groups with the hope that both chambers will approve it in the same day. (AV)

Source: El País