White House Subs

Breathing space for America, but for how long?

Although the US House of Representatives on Monday night managed to pass an emergency compromise to allow the government to up its borrowing, the US economic crisis is still far from over.

As of press time, the legislation to increase the debt ceiling is being hurried through the Senate. But once rubber-stamped, the agreement will only help the US administration pay its bills. After weeks of confrontation and suspense, the House of Representatives' vote on Monday simply eased worries that the US would default on its debts for the first time in history. But the legislation still falls far short of addressing the fundamental issue facing the US.

While the emergency compromise, passed by a vote of 269 to 161, enables the US to stave off immediate economic catastrophe, lawmakers on Capitol Hill have yet to address the structural reform that will enable the US economy to recover. The deal may allow the US administration to borrow more to avoid defaulting, but America is still struggling with stalled growth and a high unemployment rate of 9.2 per cent.

The US economic woes are a result of years of big spending. The financial meltdown triggered by the sub-prime crisis in 2008 dragged on because of the failure to reform. The administration's stimulus packages have not produced the positive economic "multiplier effects" the White House had hoped for. All these issues have snowballed into a heavy weight of economic woe, evidenced by the soaring deficit.

Though an agreement was finally reached in the Lower House, the deal has not spelt out how the US administration will turn around the economy. Washington is in desperate need of a long-term plan and structural reform to promote stronger growth and increased revenue, if it is to escape this economic trough.

The dilemma facing the US administration is whether the cash-strapped nation should spend more to stimulate growth or, alternatively, apply austerity measures to slash public spending. The Congressional Budget Office expects the present deal to cut federal spending by US$2.1 trillion over 10 years. But some economists have pointed out that austerity might not be the solution to reversing the economic slump.

Passing measures to fix the US economy is being made more difficult by a polarised Congress in which lawmakers have taken up entrenched positions on different sides of the aisle.

WHITE HOUSE SUB SHOP OPENS ANOTHER A.C. LOCATION - NBC40.net

ATLANTIC CITY--A more than 60-year-old establishment opened a second location in Atlantic City Wednesday with a sub-cutting ceremony.

The White House Sub Shop opened at the Trump Taj Mahal Wednesday morning and the store was officially opened with the cutting of an 18-foot long sub.

The original White House Sub Shop is located on Arctic and Mississippi Avenues. They are known for their Italian and cheesesteak subs and have fed many celebrities in their 65 years in business like Frank Sinatra and Bill Cosby.

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