After weeks of partisanship both Democrats and Republicans in the Senate hammered out a compromise that was later passed in the House and signed late into the night by President Obama.
The deal funds the federal government until January 15, 2014 and raises the debt ceiling until February 4 of next year.
As part of the compromise Democrats and Republicans will have to participate in a budget conference in an attempt to pass a long-term solution before we’re back at the brink in a few months. Also attached was a measure that prevents fraud in the Obamacare exchanges.
“In the end I was just really happy to see moderate Republicans and Democrats came together to pass something that reopened our government and made sure we paid our bills,” said Rep. Bill Foster.
“Getting their act together would be a permanent solution so these patchwork bills they pass, that kick the can down the road for another four, five or six months, all it does is delay the inevitable and it doesn’t inspire trust in the US economy,” said Brandon Sheridan, Professor of Economics at North Central College.
Members of Congress have seen their approval numbers dip to all time lows, and they’re hoping to take the next few months to renew faith in the political system.
But economists have their own ideas on how to solve the government’s problems.
“The best solution would be to eliminate the debt ceiling,” said Sheridan. “Trying to pass temporary increases year, after year, after year, it turns into a political dog fight, not something that’s directly related to the economy. So abolishing the debt ceiling would be a nice first step. But then also real reform on spending and revenue changes.”
Rep. Foster understands the task ahead and has a message for his constituents here at home.
“There was a time where Congress worked well. We need to take a look at that and make it work now,” said Foster.
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