US Congress cross-party budget deal reached
12 Dec, 2013
An agreement in the US federal budget has been settled by a cross-party congressional budget committee, following the recent government shutdown.
The plan will reduce the federal deficit by $23billion (£14billion) and will also ensure another government shutdown doesn’t happen.
According to the BBC, Republican Congressman Paul Ryan said: “The new deal cuts spending in a smarter way. This agreement doesn’t include everything I’d like – and I know many Republicans feel the same way”
No taxes are going to be raised as a result of the plan for which voting will begin in several weeks.
This is hopefully going to be a positive step forward for the United States.
US President Barack Obama issued a written statement describing the agreement as “balanced” and “designed in a way that doesn’t hurt our economy”, according to the BBC.
It is planned that an estimated $85bn will be spent over the next decade, getting rid of $20bn out of the nation’s $17 trillion debt.