Debt Ceiling Agreement Finally Reached

Late Sunday night both parties agreed to raise the federal debt ceiling in conjunction with $2 trillion dollars in cuts in federal spending. Now, the political protagonist will have to sell the agreements to their respective members before the President signs the legislation.

The Stock Market has closed down over 100 points, mainly from the news that U.S. manufacturing barely grew in July, and fell to its weakest point in more than two years. This after Friday's report from the U.S. Commerce Department that showed for the second quarter U.S. Gross Domestic Product grew only 1.3% and a revised 1st quarter growth of 0.4%.

The anemic growth of the nation's economy has the U.S. stagnating as it enters its third year of recovery from the deepest recession in generation's. There is speculation that the nation has entered a second double dip recession.

Friday, more depressing news will hit the economy when the Labor Department will release July's unemployment numbers. Right now Washington political pundits are debating the winners and losers of the debt agreement, but the real losers are the American people who are saddled with a stagnate economy, persistent high unemployment, and with little outlook the economy will improve in the near future.

There is little joy on Main Street!

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