The U.S. Economy Could Fall Back Into Recession if Debt Ceiling Isn't Raised. Think Tank Report due out on Monday, May 16, 2011 ...
Monday, May 16th, 2011
US Set To Reach $14.3 Trillion ‘Debt Ceiling’
UK, US correspondent America’s deficit for 2011 is expected to be a record-breaking $1.5 trillion If the US Congress fails to vote to increase the debt limit, the White House has warned that the country would default on its debt and spark a new financial crisis. The US Treasury says it will implement “extraordinary measures” so the country can keep paying its bills until August.
http://www.marocmorocco.com/2011/05/16/us-set-to-reach-14-3-trillion-debt-ceiling/
May 15, 2011
US House Speaker Wants Deal on Debt Ceiling
The Republican Speaker of the U.S. House of Representatives, John Boehner, says he is ready to “cut a deal today” to end a standoff over raising the limit on how much the nation can borrow.
John Boehner spoke on U.S. television Sunday, a day before the federal government is expected to meet its debt ceiling. He said he is ready to cut a budget deal immediately, so long as no taxes are raised.
Republicans are urging deep spending cuts as the only way to trim the nation's $1.5 trillion federal deficit.
Democratic Senator Richard Durbin, speaking on a different program, said Sunday that spending should be cut, but he and other Democrats also are calling for tax increases on the wealthy.
U.S. Treasury Secretary Timothy Geithner warned on Friday that the U.S. could face “catastrophic consequences” if lawmakers fail to raise the debt limit. The national debt topped $14 trillion earlier this year.
On Monday, if no stopgap agreement is reached, Geithner will use emergency measures re-allocating funds to continue to make payments.
Those measures will give him until about August 2 before the nation will have to stop making some payments altogether.
Geithner says defaulting on debt payments would raise the cost of borrowing money, and higher interest rates will be passed on to individuals, businesses, and investors
http://blogs.voanews.com/breaking-news/2011/05/15/us-house-speaker-wants-deal-on-debt-ceiling/
Geithner says defaulting on debt payments would raise the cost of borrowing money, and higher interest rates will be passed on to individuals, businesses, and investors
http://blogs.voanews.com/breaking-news/2011/05/15/us-house-speaker-wants-deal-on-debt-ceiling/
