Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » U.S. National Debt Hits $15 Trillion

U.S. National Debt Hits $15 Trillion

By
Add to Favorites:
U.S. National Debt Hits $15 Trillion

The bipartisan congressional “super committee” that has been appointed to come up with a workable proposal to eliminate $1.2 trillion from America`s national debt over the next decade has been meeting behind closed doors but seems to be making little progress towards finding a solution. Meanwhile the November 23rd deadline for a plan looms ever closer.

‘They`ve had a lot of conversations, but it feels as if people continue to try to stick with their rigid positions rather than solve the problem,’ remarked president Barack Obama at a recent press conference in regards to the super committee.

The committee, which is comprised of 12 members from both major political parties, is struggling to find common ground specifically on the issues of tax hikes and cutting benefit programs. Those particular issues have historically proven to be immensely challenging for those tasked with negotiating governmental budgets.

In general, Republicans are staunchly opposed to raising taxes while Democrats are putting forth a demand for more revenue prior to giving their OK to any benefit program cuts. A compromise must be reached, but the likelihood of one being reached in time diminishes with every passing day. While the committee in its entirety occasionally does not meet for several days in a row, subgroubs maintain in frequent contact with one another.

The need for an agreement to be reached seems especially dire in light of the fact that the total amount of the U.S. National Debt will surpass the $15 trillion mark before the end of the day on November 16. This unwelcome milestone will do little to boost the spirits of the millions of economically downtrodden American who have been struggling finically ever since the recession began. Although the unemployment rate has improved slightly – going from 9.1% to an even 9% – the jobs report for October revealed that employers added fewer jobs to their payrolls than anticipated by economists.

Even if the super committee manages to come up with a solution for November 23rd, debt-riddled Americans are facing a tough road ahead.

Add to Favorites:

Related News:

USA Technologies & Apple Pay Team Up For Loyalty Programs

By Dar Dowling, Posted: January 16, 2017

If you have ever wondered when you could use Apple Pay with the MORE loyalty program, you no longer have to wonder. It’s on the horizon, with an announcement from USA Technologies, Inc. a payment technology company specializing in ... Continue reading
Ford Integrates Exxon Quickpay into Their Cars

By Dar Dowling, Posted: January 13, 2017

Pull up to the pump, fuel up, and pay directly from you car? Is that really possible? It is with the newly announced integration of the ExxonMobil's Speedpass app into Ford cars. Continue reading
An Upswing in Luxury Travel

By Dar Dowling, Posted: January 12, 2017

Interested in having a concierge-like experience when traveling, or maybe snagging a first class ticket even if you have to pay more in cash or miles? If so you are not alone. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Unlimited 1.5x rewards on every purchase, every day. For every $1 you spend, you earn 1.5x Miles.
For Excellent, Good Credit
You could turn $200 into $400 with Cashback Match™. We’ll automatically match all the cash back you earn at the end of your first year. New cardmembers only.
For Excellent, Good Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit