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Released: July 28, 2011
IPhone could help solve debt ceiling debate
Source: David Goldman, CNN Money
Little did Steve Jobs know in January 2007 that he was about to unveil a device that, four and a half years later, could help end a vicious debate about raising America's debt ceiling. Well, sort of. But tucked inside Senate Majority Leader Harry Reid's bill to raise the debt ceiling is a proposal to make money by auctioning government-owned wireless spectrum to cell phone companies. Wireless spectrum is the frequency that mobile devices and towers use to send and receive information. Reid's plan, by selling spectrum, would reduce the deficit by a net $13.1 billion over the next 10 years, the Congressional Budget Office said Wednesday. It's a drop in the bucket when Reid needs $2.7 trillion in spending cuts to raise the debt ceiling by the same amount, but every bit counts.Read Full Article: IPhone could help solve debt ceiling debate
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