A Bad Deal for America’s Future
The painfully negotiated US budget legislation that Barack Obama signed on August 2 has three major flaws. Two of them offset each other, but the third threatens what America needs most in the coming years: economic growth.
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WASHINGTON, DC – The painfully negotiated US budget legislation that President Barack Obama signed on August 2 combines an increase in America’s government debt ceiling with reductions in federal spending, thus averting the prospect of the first default in the 224-year history of the United States. But the agreement has three major flaws. Two of them offset each other, but the third threatens what America needs most in the coming years: economic growth.