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Reuters President Barack Obama's Democrats and their Republican rivals were further apart than ever on Tuesday in an impasse over America's debt limit as Wall Street braced for a looming U.S. default and credit downgrade.
One week before a deadline to act, the two sides pursued competing budget plans that appeared to have little chance of winning broad congressional approval. There was no compromise in sight to raise the nation's $14.3 trillion (8.7 trillion pounds) debt ceiling by August 2 to avert a default that could trigger global financial chaos.
"We don't believe we will get there," Carney said of default. "We are pushing this to the last minute, and that should not be in the case, but in the end we believe Congress will act appropriately."
Wall Street banks are preparing for the real possibility that the United States will lose its top credit rating, which they say will cost the country $100 billion in additional interest payments and hurt both consumers and the economy.
The stalemate in Washington is already having an effect, with investors starting to take cash out of the market and shifting away from some long-term investments.
Originally posted by Talltexxxan
I feel something bad this way comes, but I think this time its another boogy boogy man tactic.
*sigh* just so tired of all the lies.
Originally posted by sonofliberty1776
Crash baby crash! It is our only hope to wake the sheeple. We need a big reset and default/repudiation is the way to go. Our only other choice is violent revolution.