I.O.U. Nation – US Debt Downgrade May Now Be Inevitable

If Uncle Sam loses his coveted AAA rating, the cost of borrowing goes up, the economy slows further and jobs get even tougher to find. With hopes fading for...
"We are in the 11th hour," said White House press secretary Jay Carney, repeating what Obama had said Tuesday.
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Rules For Radicals

Barack Hussein Obama is about to do what no other president before him was able to pull off, and that’s the destruction of the entire American financial system. The amount of debt he has racked up is astounding, and it multiplies and advances by the minute.

"We are in the 11th hour," said White House press secretary Jay Carney, repeating what Obama had said Tuesday.

We are in the 11th hour

As the stalemate over debt talks dragged on Wednesday, Congress and the White House may have passed the point of no return in avoiding a U.S. government debt downgrade.

If Uncle Sam loses his coveted AAA rating, the cost of borrowing goes up, the economy slows further and jobs get even tougher to find.

With hopes fading for a broad deficit-cutting package of spending cuts and tax increases, the White House Wednesday signaled that President Barack Obama could support a short-term extension of the U.S. borrowing limit as long as it was part of a broader long-term deficit reduction deal.

“We are in the 11th hour,” said White House press secretary Jay Carney, repeating what Obama had said Tuesday. “We need to meet, talk, consult and narrow down in fairly short order what train we’re riding into the station.”

Carney also said the president would be willing to support a short-term extension as a stop-gap measure, but not without “an agreement on a larger deal.”

Though the Treasury has said it has enough cash until August 2 to keep paying the government’s bills, including interest payments on $14 trillion in debt, time is rapidly running out for a comprehensive deal. The most promising to date, proposed by the so-called “Gang of Six” senators, would involve painful cuts and controversial tax increases. source – MSNBC

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