Update: August 2nd
The Associated Press reports Michigan's Senators, Carl Levin and Debbie Stabenow, voted in favor of the debt ceiling deal with the Senate Majority Tuesday.
The House approved the deal Monday, and the Senate passed it Tuesday. Watch raw video of the debt ceiling deal signing below:
Michigan’s budget director, John Nixon, is concerned that the nation’s debt deal will cost Michigan billions of dollars.
Forbes online reports 44% of the state’s $47 billion current budget is supported by federal funds, and Michigan draws about $400 million a week.
Sunday, Washington reached a debt deal, that prevented a national financial default. According to MSNBC, the agreement would slice $2.2 trillion for federal spending over the next ten years.
However, according to MSNBC, the deal doesn’t mean the end of the debt problem. Lawmakers still need to come up with $1.5 trillion more cuts by November.
The Associated Press reports that Nixon believes Michigan is going to feel a negative ripple effect from the massive federal budget slashes. Currently, the state uses the money for welfare, school lunch programs, road work, Medical payments, agriculture, and workforce development projects.
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