A Librarian’s Primer on the Debt-Ceiling Deal

American Libraries, Wed, 08/10/2011 - 11:55

By Rich Stombres

Now that the debate over raising the debt ceiling is over and the smoke is beginning to clear, the question remains: What does this really mean? And, more specifically, what does this mean for libraries?

First, a recap: With little time to spare, Congress finally passed on August 2 the Budget Control Act of 2011, which allows the president to borrow more money to pay off our ever-increasing national debt. The final bill that was produced after several weeks of private negotiations and acrimonious public debate contained a number of wide-ranging provisions designed to reduce federal spending without raising taxes, along with a provision to allow the national debt to increase by $2.4 trillion. That amount is estimated to keep the U.S. solvent until some time in 2013—after the next presidential election—at which time Congress would need to vote on this issue once again.

Read more at: americanlibrariesmagazine.org/news/08102011/librarian-s-primer-debt-ceiling-deal?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=amlibraries