DTN News - U.S. FINANCIAL CRISIS: Debt Bill Set For Vote As White House Urges Compromise....NSI News Source Info # 2275(NSI News Source Info) TORONTO, Canada / WASHINGTON, US - JULY 28, 2011:
A Republican deficit reduction plan headed to a close vote in Congress on Thursday and the White House urged divided lawmakers to clinch a compromise deal to head off the risk of a debt default by the world's largest economy.
President Barack Obama's priority was to "lift the cloud and make sure that the United States does not default," White House spokesman Jay Carney said, five days before an August 2 deadline for raising the government's borrowing limit.
Partisan deadlock between Republicans and Democrats over how best to reduce the U.S. deficit, and over what period, has blocked an agreement so far to allow the raising of the $14.3 trillion debt ceiling.
A failure to raise the debt limit by August 2 could trigger a crippling default that would shake the global financial system and could tip the United States back into recession.
While most analysts hope a default will be avoided by an eleventh-hour deal, the risk remains for a damaging downgrade of the United States' top-notch credit rating, a move that would raise U.S. borrowing costs and rattle global investors.
http://defense-technologynews.blogspot.com/2011/07/dtn-news-us-financial-crisis-debt-bill.html
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