bill designed to cut $38 billion in spending for the remainder of 2011 was approved by Congress yesterday. The bill is a step toward reining in the federal budget. The U.S. ’s next focus will be on next year’s federal budget plan and will have to involve a vote on raising the federal debt limit. Without debt restructuring or a raise in the debt ceiling the U.S. will default on federal debt payments by mid-May. U.S.
New York Times,
April 15, 2011