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The White House explains the debt ceiling compromise
A new infographic on The White House website helps explain the details of the debt ceiling compromise.
Thu, Aug 04, 2011 at 04:50 PM
The 74-page long debt ceiling compromise
legislation, officially known as The Budget Control Act of 2011, is not exactly an easy read. The Obama administration’s answer to the problem was to create an easy-to-read infographic and a set of Myths and Facts and publish it on The White House website.
breaks down the compromise into three steps:
- Debt limit increased by at least $2.1 trillion
- 10-year spending cuts of nearly $1 trillion
- Establishes a bipartisan committee that will identify an additional $1.5 trillion in spending cuts
Sounds easy, right? Unfortunately in Washington nothing is ever easy. The bipartisan committee, nicknamed the Gang of 12, will need to have their spending cuts ready by November 23, 2011 and Congress must vote on these cuts by December 23, 2011. This will be an exciting holiday season for Congress.
The other part of the The White House’s simplified explanation of the debt ceiling compromise is series of Myths and Facts
. A few of the myths addressed include:
- President Obama caved
- Republicans got everything they wanted
- This deal cuts Medicare, Medicaid, and Social Security.
Although this compromise averted the August 2 crisis, the debt ceiling issue continues and it will likely dominate the news cycle yet again in the coming months.
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