Snip ~ "The Treasury Department has warned that it will run out of money to cover the country's bills if Congress does not raise the debt limit by Aug. 2. Failure to do so could push the United States back into recession, send shock waves through global markets "And Threaten the Dollar's Reserve Status"
(could this be the plan?) related articles ~ Links ~ U.S. Dollar To Be Replaced ...July 11, 2011
Boehner Pushes for Immediate Spending Cuts in Debt Talks
Speaker of the House John Boehner pushed for immediate spending cuts at Monday's debt-reduction meeting with President Barack Obama and fellow congressional leaders, a Republican aide said.
"The speaker took issue with Democrats' suggestion that most of the spending cuts should be concentrated out into future years, rather than beginning right away," the aide said.
Talks for a third straight day are to resume at the White House on Tuesday.
President Obama on Monday increased pressure on Republican lawmakers to make concessions for a deal to avoid an Aug. 2 debt default and said both sides must "pull off the Band-Aid" and make sacrifices, saying he would refuse to consider a short-term stop gap measure.
He told a White House news conference he would meet every single day with top U.S. lawmakers until an agreement is sealed to avoid defaulting on the national debt with the clock ticking to an Aug. 2 deadline.
He resumed talks Monday afternoon to try again to break a stalemate over reducing the country's $1.4 trillion deficit and clear the way for a vote to increase the $14.3 trillion debt ceiling.
The Treasury Department has warned that it will run out of money to cover the country's bills if Congress does not raise the debt limit by Aug. 2.
Failure to do so could push the United States back into recession, send shock waves through global markets and threaten the dollar's reserve status.
http://www.cnbc.com//id/43715254
