At midnight last night, the U.S. debt ceiling was hoisted, and the country was able to keep paying its bills.
The national debt ceiling debate dominated the news cycle for weeks, with a string of failed compromises and stalled talks spurring fears of major economic fallout if Congress failed to reach an agreement to allow the nation to borrow more to pay its bills.
The impasse, while it lasted, had local effects – Ocean County bond projects were delayed during the uncertain period.
In the end, the compromised reached in Congress and signed into law by President Obama yesterday is considered by many analysts a bigger win for Republicans than Democrats. That's because it cut the budget without introducing new taxes to boost revenue, which the President and other Dems said were necessary.
Both of New Jersey's U.S. Senators voted against the deal, saying the spending cuts were too deep and would worsen the still struggling economy. Meanwhile, the decision didn't seem to please world markets, which plunged yesterday.
What do you think of the debt deal? Are you happy with the agreement struck by Congress, or do you think it's an example of a compromise where nobody's content? What do you think the effect will be locally?