After months of political theater coming across as partisan bickering over raising the debt ceiling limit to avoid default, the U.S. Congress passed a debt deal that President Barack Obama signed into law on Tuesday. The deal passed the House 269 to 161 and the Senate 74 to 26.
For weeks, politicians and the media said that the United States was in a massive debt crisis. The narrative started from Republican politicians and became accepted as dogma by the Democrats, particularly Barack Obama. Republicans claimed that the budget deficit was the most urgent problem to deal with. The cause for this deficit was too much government spending. Read the rest of this entry »