The last-minute deal on the debt ceiling may prevent a government default, but it does little to avert a perfect storm of economic problems pushing the nation toward a new downturn and more financial pain for millions of Americans.
Instead of increasing confidence in the future, the emerging agreement seems to have underscored the near paralysis in Washington — and the fact that no substantial new efforts are likely for dealing with unemployment, lagging consumer spending or other problems that have been dragging the economy down.
"By itself, it doesn't do anything to solve the problems down the road," said Roberton Williams, an economi
st at the nonpartisan Tax Policy Center, referring to the budget deal that is estimated to cut the federal deficit by some $2.1 trillion over the next decade.
For more: Nation & World | Debt deal offers no cure for U.S.' deepening economic ills | Seattle Times Newspaper
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