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In The Us, The Countdown To Default Continues
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In the Us, the Countdown to Default Continues

The United States is just six days away from a catastrophic default and neither side is really giving much ground. Analysts are worried that the political posturing can have devastating results. Currently, House Republicans are suggesting that the only solution is the plan, described as a “work in progress” by House Speaker John Boehner. That plan may increase the US borrow limit as well as reducing as much as trillion dollars from the federal budget. The White House, however, is warning that the plan is nothing more than another attempt to waste time because it will never get past the Democrats in the Senate. Ironically, there are a large number of Tea Party Activists that are saying that the plan is no where near what it needs to be. Experts are also saying that the plan does not cut nearly as much as what Boehner is claiming.

Stocks in the US are still falling and have been for several days as fears of the default increase. GOP leaders have been working hard to garner support for the Boehner plan which is still being retooled after a number of problems were found with it. Boehner has said that there might be a vote on the plan as early as Thursday and is calling it “ the best opportunity we have to hold the president’s feet to the fire.”

The White House, via spokesman Jay Carney is largely dismissing this version of the GOP plan as nothing more than a distraction. As it is currently written, the plan will serve as a very short term solution and may destroy an already shaky economy. But, with the deadline looming, it may be a short term solution that is needed if only to buy additional time for a more viable solution.

Boehner has been asked by a number of experts to step down but that is unlikely to happen at this point. In addition, some experts are also asking President Obama to reject this current plan and to invoke the Fourteenth Amendment. That Amendment, in Section Four, says that the “validity of the public debt shall not be questioned.” Obama and the White House question the legality of such a move, however and have stated that the preference is for working toward a realistic, achievable solution that is fair to everyone.

Carney said that in regard to the suggestion that President Obama invoke the Fourteenth Amendment that only Congress can extend the government’s borrowing authority. Legal scholars are saying that it might be valid for Obama to use the Clause, but there has never been any legal precedent set for doing so. Democratic leaders are still in favor of the plan penned by Senate Majority Leader Harry Reid but Republicans have said it is an invalid plan which relies heavily on what is being dismissed as a “war gimmick”. Although Reid’s plan cuts more upfront, it relies on savings that will not be realized until the US starts withdrawing troops from Afghanistan.


Street Talk

firstade  

Thanks, Simone. I hadn't realised just how close to the edge this situation had become.

Reply
  about 8 years ago
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