US House approves to lift debt ceiling

The House voted on Wednesday to temporarily suspend the national debt ceiling at USD 16.4 trillion until May 19 and at the same time to urge lawmakers to adopt a budget resolution by April 2015.

The US Congress is headed towards a new stalemate with President Barack Obama wanting to raise taxes to curb the USD-16-trillion-plus debt, while Republicans are opposed to any tax hikes.

Republican Paul D. Ryan said on Wednesday that his party’s budget proposal includes balancing the country’s budget within a 10 years’ time without imposing any new tax revenues.

Obama and the democratic leaders in Congress have proposed reducing spending by hundreds of billions of dollars over the next ten years.

Official figures from September 2012 show that more than 46 million Americans, 15 percent of the US population, are living in poverty, making it the highest rate during the past 40 years.

CAH/HN

Source Article from http://www.presstv.ir/detail/2013/01/24/285380/us-house-approves-to-lift-debt-ceiling/

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