- The President, as you know, spoke to the nation last night warning of the consequences of failing to raise the debt ceiling and calling for compromise. Congressional websites crashed after the President asked the public to contact their members of Congress. They are still crashing this morning. I cannot access House Committee websites.
- The Republican Speaker of the House of Representatives spoke to the nation. He did not speak of compromise. He called upon the Congress and the President to accept a Republican plan to raise the debt ceiling.
- Robert Greenstein of the Center of Budget and Policy Priorities believes that the Republican plan would require deep cuts in Social Security and Medicare for current retirees in the near future.
- Negotiations are still going on behind the scenes in Congress.
- The Washington Post has an article that says that higher than expected tax receipts may extend the date that the government runs out of money to pay its bills by up to a week. The Treasury has not yet sent out a press release in response.
- The Dow was down by 88 points yesterday and has opened modestly lower this morning.
- Some analysts regard a downgrade of U.S. debt issues to be inevitable.
Jul 26, 2011
Roundup Of Debt Ceiling News
Here's what's going on this morning:
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2 comments:
Raising the debt ceiling does not solve the U.S. debt crisis. The U.S. still will be in increasingly worse debt, and is likely to have its debt downgraded which will increase the deficit through higher interest rates. The out-of-control spending juggernaut will go off the tracks unless stopped by--yes--the Tea Party. Those are the real facts.
http://www.market-ticker.org/akcs-www?post=190845
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