Sunday, July 31, 2011

US Debt Crisis: Deal 'Very Close' But Key Deadline Could Still Be Missed

Ewen MacAskill,

Despite cautious optimism from both sides the US could still default on its debts, risking economic chaos around the world
A last-gasp compromise began to take shape in Congress on Sunday night aimed at ending the US debt deadlock that has threatened to throw the US and world economy into chaos. But, with time fast running out, Congress may have left it too late to meet the Tuesday deadline set by the Treasury for raising the debt ceiling above its current $14.3tn limit.
The US Treasury had said that if the ceiling was not lifted by Tuesday, America would no longer have the cash needed to pay all its bills and faced the prospect of defaulting for the first time in its history.
The White House hinted on Sunday that the deadline could be extended for a few days to allow Congress to get legislation through. The Democratic leader in the Senate, Harry Reid, said he was "cautiously optimistic" of a deal, a view echoed by his . . . . .

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