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Friday, October 30, 2015

US Avoids Debt Default - For a While

Bloomberg reports that Congress has passed a two-year bipartisan budget plan that avoids a default on U.S. debt, increases spending on domestic and defense programs and ends months of turmoil among House Republicans.

The deadline was 3 November, as such political shenanigans took this up to the wire.

President Barack Obama has a bill that will extend U.S. borrowing authority until March 2017, after he leaves office.

Thus the can has been kicked down the road for a little while longer, and Obama's successor will have to deal with the financial mess that the USA is in.

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