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ECONOMICS REPORT - A Debt Deal in US, but Stocks Still Slide

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A stock trader at the New York Stock Exchange watches President Obama on TV as he speaks to the nation about the debt agreement.
A stock trader at the New York Stock Exchange watches President Obama on TV as he speaks to the nation about the debt agreement.

This is the VOA Special English Economics Report.

This week President Obama signed a bill raising the nation's borrowing limit.  That debt deal, however, failed to keep stock markets from dropping. Prices fell sharply on growing economic concerns about the United States and the world.

The legislation followed months of arguing that only added to those concerns. Congress sent the bill to the president to sign into law on Tuesday. That was the last day the government said it had enough money to make all of its payments.

The Budget Control Act of 2011 lets the government seek financing to pay its bills until twenty-thirteen. Congress agreed to lift the debt ceiling by over two trillion dollars, but also to make spending cuts.

President Obama said it was a starting point.

BARACK OBAMA: "This compromise guarantees more than two trillion dollars in deficit reduction. It's an important first step to ensuring that as a nation, we live within our means. Yet it also allows us to keep making key investments in things like education and research that lead to new jobs. And assures that we're not cutting too abruptly while the economy is still fragile."

Richard Gordon worked with the International Monetary Fund for nearly ten years. He says there is a risk in cutting the federal budget too much when unemployment is high.

RICHARD GORDON: "If the federal government does not put money into the economy, the economy will stall. And that will result in another recession, and that cannot help anybody."

The national debt is more than fourteen trillion dollars. At the end of last year, private investors in the United States held the largest share -- thirty-six percent of that government debt. China was the single largest foreign holder of Treasury securities, followed by Japan and Britain.

On Wednesday, China's Dagong credit rating agency downgraded American debt. It said the budget deal did nothing to improve the United States' ability to pay its debts. Still, the government has had no trouble finding investors, and its borrowing costs have even fallen.

The Budget Control Act calls for almost one trillion dollars in spending cuts over ten years. A committee of six Democrats and six Republicans will have to identify another trillion and a half dollars in deficit reductions.

What happens if the committee cannot agree? Then an enforcement measure known as a trigger would go into effect. It would cut money from domestic and defense programs, but not in popular social programs for retirees and the poor.

The budget deal contained no tax increases, but that issue has not gone away. Richard Gordon -- now a law professor at Case Western University in Cleveland, Ohio -- says the deal leaves a big question.

RICHARD GORDON: "What is going to be the economic policy of the federal government in the next two years?"

And that's the VOA Special English Economics Report. I'm Mario Ritter.

网友的学习评论(17条):
作者:Ben
I have nothing to say
作者:lvjiaying1984
To tell the truth, because I don't know much about economics which isn't my major, I cannot fully understand what is being said in the article. But I do understand that the price for the pork has grown twice as much as it used to be in the past twenty years. In the last twenty years, the prices for everything nearly stayed still, but in the past two years, the price has grown dramatically, doubling in ever-shortening circles. We people must try to pay more to something the price of
作者:lvjiaying1984
which isn't reasonable. Not only the pork, but something concerned about computers have also grown up. Like the memory card, I have found that the same brand memory card with the same memory size has grown up by nearly twenty yuan. The food is the largest contributor that contributes to the CPI the meaning of which I don't know theoretically. But I know when the CPI grows, people must pay more money for the same thing. Luckily for us workers in China,
作者:lvjiaying1984
the income has already also grown by about twice as much as it used to be. My father is now working in a company, serving as an accountant. Before the CPI grew, the monthly payment of my father was one thousand Yuan, moderately good for a person whose age approached sixty years old. After the CPI grew, the income grew from one thousand monthly to one thousand and five hundred and to two thousand monthly at the moment. The incomes of many occupations have also grown dramatically. The average
作者:lvjiaying1984
incomefor a cleaner sweeping the street has grown from five or six hundred yuan monthly to about one thousand and three or four hundred yuan per month. The variation of the money paid to the workers depends the hours they work every day and the hardship of cleaning the streets. And the persons working in the supermarket, as casher also have a increase in the money they earns every month. Their income has also grown twice as much as it used to be. But as the CPI grows,
作者:lvjiaying1984
it means that the money people save in the bank is less worth the money before. It seems like that someone had stole money from the bank in your check. So that means the amount of money you own has been cut down on by a percentage.
作者:tweldon
how can you say that our salary have been increasing? I really don't think so.
作者:金卫琴
everything's price has grown.you believe it or not,anyway,I believe it!
作者:nothings
whatever you believe,but I believe. Beacuse the cost(oil,people work price,material) increase,the produce company has been more diffcult,they must control their cost,increase theirsell. But the custmor want to get more little price, so the compelety become very great,I work in a produce company, I really feel that our company is on the ragged edge.
作者:katherine
背后隐藏的政治危机。
作者:Layen Fincy
I don't think our nation is rich enough to lend so much to the US. How about pay more attention to your people's felwares?
作者:eric
I donnot think it is a big problem for the country!
作者:Jack
when the economy has achieved so fast development, it is time that we need think if our political system is suit for the new economy.
作者:Michael
keep silent
Chinese in here is prrety harse to eye!OK ,please make the comment in english!Personally,I don't agree with what American presient--Obama said.Because keep printing dollar is a rude behavior which pretty like robber!What is more,maybe we should think about wethere the sharply grown economic is suit for our political system!
作者:Sheldon
it is really hard for me to understand economic comments,which i am not majoring in。
it is really hard for me to understand economic comments,which i am not majoring in。
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