The CapitolJEF ASKT
The debt ceiling proposal that passed the House of Representatives on Monday (August 1) will likely cause deep spending cuts for government scientific research if the Senate passes the bill this afternoon.
Though the details won’t be ironed out until at least November, the proposed bill will raise the debt ceiling and mandate at least $2.1 trillion dollars in deficit reduction over the next decade. After a protracted battle, the House passed the bill, with the Senate likely to follow. “Neither side got what they wanted, but it is the essence of compromise,” said Senate Majority Leader Harry Reid in a press conference yesterday.
If the bill passes, the United States will avoid defaulting on its loans from foreign countries and investors. This would avoid ...
