Posted by Tasha Adaams
PHOTO COURTESY MCT CAMPUS
Unless you have the no-limit diamond-studded Dubai First Royale MasterCard (which by the way, is only available in Dubai), then chances are you have a spending limit of some sort.
So does the government and this summer, it was close to hitting it.
Talks between President Obama and congressional leaders began to find a solution.
According to the New York Times, an agreement was made “that would raise the debt ceiling by up to $2.4 trillion in two stages, enough to keep borrowing into 2013. The pact called for at least $2.4 trillion in spending cuts over 10 years, with $900 billion in across the board cuts to be enacted immediately.”
There is one spending cut students may notice.
In an effort to trim deficits, the text of the bill calls for the elimination of subsidized loans for graduate students.
Effective July 1 2012, graduate students will now pay interest on loans while still in school. Read more…