Recent Activity

Saturday, 30 July 2011 12:11

United States Rapidly Approaching Debt Limit

  Charles Carroll
Rate this item
(2 votes)

With four days left before the United States hits its debt limit,  Republicans pressed ahead with a deficit plan that cannot pass Congress and President Barack Obama told lawmakers to stop wasting time and find a way "out of this mess."

Republicans in the House of Representatives said they expected to vote on Friday on a retooled deficit-reduction measure that would raise the debt ceiling.  The bill is opposed by Democrats and the White House, but Republicans insist it clear the House before they will start talks toward a compromise measure.

 

The United States will be unable to borrow money to pay its bills if Congress does not raise the debt limit by August 2. That could result in an unprecedented default that could push the already fragile economy back into recession.  World leaders have been stunned by the dysfunction in Washington that has led the United States to the brink of default. World Bank President Robert Zoellick said on Friday that the United States was playing with fire.

America's largest foreign creditor, China, has repeatedly urged Washington to protect its dollar investments and its state-run news agency on Friday said the United States had been "kidnapped" by "dangerously irresponsible" politics.

It’s not often that “state-run” news agencies  get it right, but in this case I'm inclined to agree.

93 comments

<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>

Leave a comment

Make sure you enter the (*) required information where indicated.
Basic HTML code is allowed.