australia avoids usstyle debt shutdown
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Australia avoids US-style debt shutdown

Arab Today, arab today

Arab Today, arab today Australia avoids US-style debt shutdown

Canberra - AFP

Australia on Thursday avoided a US-style shutdown after the government struck a deal with the Greens to abolish the nation's debt ceiling. The current cap of Aus$300 billion (US$271 billion) was due to be hit next week, with Treasurer Joe Hockey warning of massive cuts to government expenditure if a resolution was not found. A bill to raise the limit passed the House of Representatives last month, but there has been a stand-off in the Senate. Labor and the Greens hold the balance of power in the upper house and wanted to cap the debt ceiling at Aus$400 billion, but the Tony Abbott-led government said that was not enough, and pushed for Aus$500 million. After failing to drum up enough support for its preferred limit, the conservative government instead clinched a rare deal with the Greens to do away with the ceiling altogether. "We have resolved this issue, after good faith and reasonable negotiations, and now can provide certainty to the markets about the government's capacity to finance the budget," Hockey said. "We have done this with no thanks to the Australian Labor Party, who created the debt and did nothing to find a solution as we approached the binding limit. Labor has said they will oppose their own savings -- the hypocrisy is breathtaking." In exchange for the Greens' support, the government has agreed to a host of transparency measures, including issuing statements to both houses of parliament every time it increases debt by Aus$50 billion. Budget papers will also be expanded to better explain what the borrowings cover. Greens leader Christine Milne was expected to introduce a bill to repeal the debt cap in the Senate on Thursday, saying she was fed up with the "hysterical debate about the phoney debt ceiling". "Because of the Greens agreement, the public will now be able to see whether the government is incurring good debt to invest in our future, or bad debt to cover up a shortfall in revenue." In October, the United States government was shut down for 16 days and taken to the brink of default as Democrats and Republicans locked horns over a budget bill and raising of the borrowing limit.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia avoids usstyle debt shutdown australia avoids usstyle debt shutdown

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia avoids usstyle debt shutdown australia avoids usstyle debt shutdown

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday