US Debt

The recent US debt plan, which has cleared both the House and Senate, would raise the debt ceiling by at least 2.4 trillion dollars and cut spending of roughly 2.1 trillion dollars over 10 years. But is a solution to the debt limit a solution to US’s economic woes? Critics are saying that the ‘Budget Control Act’ passed by few days ago cuts billions of dollars from crucial domestic programs while failing to close tax loopholes for the rich and corporations. They argue that average and the working class Americans are the main losers of the debt deal. This as, several countries criticized the debt ceiling deal. China has even downgraded US credit rating.