Debt Ceiling

The details of the debt ceiling legislation signed into law on Tuesday are still emerging but one thing is clear: Alaska is going to feel the effects.

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With the debt-ceiling legislation signed into law Tuesday afternoon, the nation no longer needs to worry about defaultmageddon, at least not until early 2013. That's when the U.S. Treasury once again runs out of room to borrow again. Even though there wasn't a default this time, the partisan fight left plenty of wreckage lying about.

The rating agency said the debt ceiling agreement is a step in the right direction for the country and said the chances of a default on its debt remain "extremely low."

The U.S. House passed tonight a bill to raise the debt ceiling in exchange for spending cuts. The tally was 269 to 161.

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All three members of Alaska’s Congressional delegation say they will vote for the deal to raise the debt ceiling and cut spending. The plan announced Sunday night by President Obama slashes spending by about a trillion dollars over the next decade and raises the debt ceiling in time for the U.S. to avoid defaulting on its bills.

The votes still have to come but Sunday night President Obama announced an agreement between Republican and Democratic Congressional leaders. Just what the rank and file membership think will be revealed Monday morning.

The U.S. House passed a bill Friday that would raise the national debt limit and cut spending. It was a close shave, with just two more members voting for it than needed for passage, 218 to 210.

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