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US debt deal wins approval in House of Representatives
2 August, 2011, SMH
This article is talking about the US raising their debt ceiling. This means that the level of government borrowing allowed by Congress has been raised. This means that they will have the permission to borrow more money to pay off further debt. This is no easy fix but it will keep the US going until 2013. This will cause them to have more to pay off and this could cause further problems but they didn't have much other choice. This relates to the topic of economics in commerce because it directly makes reference to the US economy. This higher debt ceiling will stop the US economy from totally collapsing, if the debt ceiling wasn't raised the US economy would have run short of money by the 3rd of August this year, this would cause a potential depression-lower than the US current recession. All these things I have learnt in commerce this year.
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