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In January 2012, the U.S. debt hit the new limit of $15.194 trillion and the treasury began using extraordinary measures once again. The President requested the final increase, to $16.394 trillion. On January 18, 2012, the House passed a disapproval of the second debt limit increase by a vote of 239–176.
The final plan, [34] released on December 1, 2010, aimed to reduce the federal deficit by nearly $4 trillion, stabilizing the growth of debt held by the public by 2014, reduce debt 60 percent by 2023 and 40 percent by 2035. Outlays would equal 21.6 percent of GDP in 2015, compared to 23.8 percent in 2010 and would fall to 21.0 percent by 2035.
The Republican Toomey plan proposed 1.2 trillion in deficit reduction, including 300 billion in new revenue, but was rejected because it lowered the top marginal tax rate from 35% to 28%. [ 33 ] The final agreement would have needed to undergo a 48-hour vetting period by the Congressional Budget Office before being presented to Congress.
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In a press conference held on January 14, 2013, President Obama stated that not raising the debt ceiling would cause delays in payments including benefits and government employees' salaries and lead to default on government debt. [8] President Obama urged Congress to raise the debt ceiling without conditions to avoid a default by the United ...
Longer payoff terms: You could pay less per month with a debt consolidation plan. However, you might be paying this off over a longer time. If so, you might pay more in interest.
Beyond Consolidation and Settlement: Other Debt Relief Options Credit Counseling. Non-profit agencies offer free or low-cost advice and can help create a debt management plan tailored to your needs.
According to the Tax Policy Center, the Obama plan provides three times as much tax relief for middle-class families as the McCain plan. [235] Obama's plan includes a temporary "Making Work Pay" program, which gives a tax credit at 6.2% of earned income up to $400 for single workers (making less than $75,000/yr), and an $800 for married couples ...