LAUREL — The public debt now stands at $14.5 trillion. Under a deal reached last week, the debt ceiling will now be increased to $17.7 trillion.
In exchange for having the debt ceiling increased, the compromise will gain conservatives no more than $2.5 trillion in spending cuts over a ten year period, with a newly created government super-committee charged with the responsibility of outlining approximately $1.5 trillion of those cuts.
But despite high-stakes drama, the estimated $2.5 trillion in cuts do little to curb trillions in deficits over the same period.
Sen. Chris McDaniel