Debt Deal: 'Neither Side Got What They Wanted'

August 01, 2011 from Associated Press

US Senate Majority Leader Harry Reid has said neither side got what they wanted from the deal announced yesterday to raise the US debt ceiling, because it is a compromise. The White House and congressional leaders worked Monday to align lawmakers from both parties behind their formula for averting a financial meltdown and halting the government's prolific spending habits.

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Harry Reid

Harry Mason Reid is the senior United States Senator from Nevada and a member of the Democratic Party serving since 1987. He has been the Senate Majority Leader since January 2007, having previously served as Minority Leader and Minority and Majority Whip. Previously, Reid was... Explore this topic

2011 US debt ceiling crisis

The United States debt-ceiling crisis was a stage in the ongoing political debate in the United States Congress about the appropriate level of government spending and its consequential impact on the national debt and debt ceiling. The crisis was resolved with a complex deal th... Explore this topic

Default

In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant of the debt contract. A default is the failure to pay back a loan. Default may occur if the ... Explore this topic

US Congress

The United States Congress is the bicameral legislature of the federal government of the United States consisting of two houses: the lower house known as the House of Representatives and the upper house known as the Senate. Congress meets in the Capitol in Washington, D.C. Bot... Explore this topic

US debt

The United States public debt is the money borrowed by the federal government of the United States through the issuing of securities by the Treasury and other federal government agencies. US public debt consists of two components: ⁕Debt held by the public includes Treasury sec... Explore this topic

US Senate

Сена́т США — одна з двох палат Конгресу США, так звана верхня палата. Explore this topic

US debt ceiling

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US Senate Majority Leader

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World economy

The world economy, or global economy, generally refers to the economy, which is based on economies of all of the world's countries, national economies. Also global economy can be seen as the economy of global society and national economies – as economies of local societies, ma... Explore this topic

Politics of the United States

The United States is a federal constitutional republic, in which the President of the United States, Congress, and judiciary share powers reserved to the national government, and the federal government shares sovereignty with the state governments. The executive branch is head... Explore this topic

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Harry Reid

2011 US debt ceiling crisis

Default

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US Congress to Vote on Deal to Prevent Default

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