Debt Deal: Solution Or Patch?

Washington, DC -- Good news from Washington: There's been a sort of a truce in the battle over the debt limit.

The House passed a bill that buys the country another four months before we risk running out of money to pay our $16 trillion dollar debt. But the measure means the Senate has to do something it hasn't done in four years -- pass a budget.
And if they don't pass the budget, they start missing paychecks.

Sounds good enough, right?But certified financial planner Michael Wittenberg with Wittenberg Pridee Blankenship, Affiliated with First Allied Securities said that all depends on whether congress can address paying off the debt over the next four months. "If this is just a can kick to buy more time, and when we get to May 19th, they haven't done anything, have not been able to reach an agreement, then we're right back where we have been before, and where we are now."

Its expected President Obama will sign the compromise.


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