(Image source: CNN)

 

BY LEXA DECKERT

ANCHOR ANA COMPAIN-ROMERO

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The seemingly never-ending debt ceiling crisis is over.
After Senate approval -- President Barack Obama has signed the debt deal.
Euronews reports...


“The debt deal should have an easier ride in the Senate. It raises the government’s borrowing limit by at least two trillion dollars and cuts spending by a similar amount over ten years. Today’s vote should mark the end of a partisan political battle that seriously spooked investors.”


With the decision, Politico tallies up the vote count.


“The bipartisan 74-26 roll call followed a 269-161 vote in the House Monday evening ... ending an unprecedented, hard-edged political struggle that pushed the nation to the brink of default.”


But even though everyone’s agreed on something and Obama has officially signed it-- almost everyone’s unhappy -- even the president himself.


“Is this the deal I would’ve preferred? No. I believe we could’ve made the tough choices required on entitlement reform and tax reform right now ... but this compromise does make a serious down payment on the depths of reduction we need and gives each party a strong incentive to get a balanced plan done before the end of the year. Most importantly it will allow us to avoid default and end the crisis that Washington imposed on the rest of America.” (Al Jazeera)


The debate may be done, but the execution is just beginning.  From here, a congressional committee has been formed to make sure the cuts are actually made.  And if the comments by Senate Majority Leader Harry Reid on CNN are any indication... there’s a new round of debates already kicking off.


“We look forward to the work on the committee to make sure that millionaires and billionaires and corporate jet owners and people who have those yachts and get tax benefits, oil companies who get these huge tax subsidies that that in the mix of thinking what goes on -- is what this committee is going to be about. We need to do more for families. The number one job we have as a congress is creating jobs for the American people.”


So what was learned?  Not enough, says a blogger for U.S. News & World Report.


“...The awful spectacle of threatening the world with a U.S. government default made Washington look petulant and dysfunctional. It's worth keeping in mind that the whole fiasco was man-made: If we had a rational set of leaders, they would have made a deal to raise the government's borrowing limit and chip away at the debt months ago, without the brinksmanship that hog-tied financial markets for two weeks.”


And how will Democrats and republicans feel about their votes when things play out? A writer for the Huffington Post finishes with one last lamentation.

“I would have voted against this deal. I predict many Democrats and Republicans who voted for it will wish they did, as well. This is a dark day for the Democratic Party. This is a dark day for the American economy.”


 

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