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Category: Money

Taxes, Debated to be Used for Debt Reductions

Written on June 09, 2011 by Lulu

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United States of America's Congress are debating on how to reduce their nation's international debts, and to come up with a decision to use the taxes for reduction.

On Thursday, top lawmakers are expected to debate one of the biggest obstacle in the way of the debt-reduction deal that would allow the United Sates to continue borrowing at rock bottom rates — .

US Vice President, , and six lawmakers will meet for a sixth time to talk about the growing external pressure for them the Congress to raise the $14.3 trillion debt ceiling before the August 2 deadline. However, bond markets remain calm while investors are increasingly alarmed that the Congress will be unsuccessful to act before that date.

Top republicans have said that any increase in the country’s debt ceiling would have to be balanced by an equal quantity in spending cuts, though they would not likely take effect right away. Colleagues of the Joe Biden group say that they have made fixed progress since talks began early last month, and have tentatively agreed on at least $150 billion in cuts. However, that is far short of the roughly $2 trillion in deficit reduction needed. Both Democrats and Republicans agreed that the United States cut down deficits by $4 trillion over the coming decade.

A few worry that the group is not up to face the country’s long term fiscal problems. Republicans and Democrats both say that the Joe Biden talks are not advancing fast enough, and the time is starting to run short. Attentive of the potential for turmoil in global financial markets if there is not a deal soon, both President and House of the Representatives Speaker – John Boehner – have approved a timetable for reaching a deal. Both say they would like to see a deal within a month.

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