Arab Today, arab today australia avoids usstyle debt shutdown
Last Updated : GMT 21:46:51
Arab Today, arab today
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*

Arab Today, arab today australia avoids usstyle debt shutdown Arab Today, arab today australia avoids usstyle debt shutdown

 



Arab Today, arab today

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*

Arab Today, arab today australia avoids usstyle debt shutdown Arab Today, arab today australia avoids usstyle debt shutdown

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
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
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday