US debt talks reach an impasse

November 22nd, 2011 - 8:02 pm ICT by Aishwarya Bhatt  

Washington, Nov 22 (THAINDIAN NEWS) This doesn’t seem like ending anytime soon! The US debt talks are near collapse because neither side is ready to make concessions. The 12-member bi-partisan committee was tasked to come up ways that the country could reduce the federal deficit by $1.2 trillion.

The deadline for the committee is Wednesday (the 23rd of November 2011). After several meetings, the so-called Super Committee announced on Monday that they have not agreed on a deal because the parties were unable to “to bridge the committee’s significant differences.”

President Barack Obama blamed the Congress Republicans for the failure. He said that, “There are still too many Republicans in Congress who have refused to listen to the voice of reason and compromise… There will be no easy offramps on this.”

Obama kept the pressure on Congress to come up with a deal. The Super Committee’s plan to cut the deficit over a period of 10 years. The committee was chaired by Sen. Patty Murray, D-Wash., and Rep. Jeb Hensarling, R-Texas.

The US’ deficit is fast growing and the country planned to slow the growing debt crisis as it approached the $15 trillion mark. The country’s lawmakers narrowly avoided a shutdown when an emergency debt limit was increased.

Related Stories

Tags: , , , , , , , , , , , , , , , , ,

Posted in Business |

Subscribe