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Jul 31

As expected…

The President and Congress has reached a reported deal to raise the debt limit, with some spending reductions over the next decade.

Of course, they promise the cuts, and establishes yet another commission to produce a report (which they have to approve their recommended cuts) before a long-term debt limit increase will go into effect.

This of course, just kicks the proverbial can further down the road, leaving every taxpayer with more than $130 thousand to repay for their foolishness.

Eventually, that can is going to hit a wall, and I feel sorry for the people who will have to pay when the lenders call in the notes.

More: [Fox News] Obama Announces Debt-Reduction Deal Approved by Senate, House Leaders

About the author

Michael Jones

Michael Jones is the founder of On The Spot Communications and On The Spot Blog.

A native of Ottawa, Kansas (approximately 60 miles South-West of Kansas City), he was born in the early 70's and lived most of his early life without traveling far from home.

He has since lived in Lenexa, Kansas (suburb of Kansas City), Houston, Texas, and now resides in Frisco, Texas (north of Dallas, Texas). He has had the experience of traveling to Tokyo, Japan and Tel Aviv, Israel, as well as numerous places around the USA.

A self-professed computer geek, when Michael's not working in his telecommunications job, he enjoys Model Railroading and Paintball.

Michael Jones is the founder of On The Spot Communications and On The Spot Blog.
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