Wednesday, July 27, 2011

Consequences Of No US Debt Deal Spelt Out

Greg Milam

The United States remains on course to default on its debt for the first time in history in six days time, as politicians continue to squabble over the answer. There are signs the American public is growing increasingly frustrated that the White House and Congress cannot strike a deal.
And stock markets around the world are watching closely, with credit ratings agencies threatening to downgrade America's AAA-rating unless a significant solution to the debt and deficit crisis is found.
Officials from two of those agencies, Moody's and Standard and Poor's, are due to address a congressional hearing later today.
So far, all attempts at compromise among the Republican-controlled House, the Democratic-run Senate and President Barack Obama have failed.
The President and Speaker of the House John Boehner have repeatedly clashed, with Mr Obama refusing to accept a plan that would effectively put off the debate for six months, saying that would fail to provide stability to the US economy . . . . . . .


  1. told the wife the other day that "no way I'd agree with you on accepting and abiding by this idea of maintaining a balanced budget in this household" now homeless

    my veto of a balanced budget amendment most think was stupid...but if'n I was congresscritters or'd be perfectly fine?

  2. I hope we default.

  3. the only one who would be hurt would be ZERO and his reelection chances for next year- NO loss for the country, actually a POSITIVE


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