Sunday, April 10, 2011

Democrats and Republicans agree on the Federal Budget

An agreement on costs was concluded last minute Friday night in Washington between Democrats and Republicans in Congress to avoid the paralysis of the U.S. federal government, barely an hour before the deadline, set at midnight. President Barack Obama responded quickly, acknowledging that the agreement would mean budget cuts "painful", but considering that the U.S.

should live within their means. "As in any meaningful compromise, both sides had to make tough decisions and concede on issues that were important to them," he added after a day of suspense over whether to continue government operations after midnight Friday. The Republican chairman of the House of Representatives John Boehner, who announced the agreement, welcomed the arrangement which he said will "reduce spending and keep our government in working order." The agreement includes $ 38.5 billion (26 billion euros) over budget cuts in current expenditure.

It funds the administration for the remainder of fiscal year 2011, until 30 September. In the process, the Senate approved a provisional budget law for seven days, the time to put up and vote the final agreement. The House also had to rule on the night of Friday to Saturday on the measure before sending it to President Obama for promulgation.

After the difficult birth, the head of the Democratic majority in the Senate, Harry Reid, has welcomed an agreement "historic." His main opponent in the Senate, Minority Leader Mitch McConnell, has approved the trial of Mr. Reid, but was immediately recalled that the fight was not over between the two parties in Congress.

"Once we complete this process by the end of next week, we will have a broader discussion on how to save thousands of billions," he said, referring to the forthcoming debate on the budget 2012 of President Obama . He added that raising the U.S. debt ceiling by more than 1 400 billion was to be accompanied by measures "significant" to solve the problem of the debt record.

This highly sensitive debate should take the elected members of both chambers for much of May.

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