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NEWS HEADLINE
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Obama and the debt ceiling
29 July 2011
The congressional deadlock over raising the US federal debt
ceiling continued Thursday night with both the House of
Representatives and the US Senate failing to take action. Both
big business parties, the Democrats and the Republicans, are
committed to bills that would combine an increase in the debt
ceiling, to allow the Treasury to resume borrowing, with massive
cuts in domestic social spending. |
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| The rival bills proposed by Republican House
Speaker John Boehner and Democratic Senate Majority Leader
Harry Reid are strikingly similar—in the size of the increase
in the debt ceiling, in the size of deficit reduction, in the
establishment of a bipartisan congressional committee to
enforce further spending cuts. More and more, the deadlock
appears to be deliberately manufactured so as to create a
crisis atmosphere, stampede public opinion, and disguise the
dimensions of the assault on working people that both parties
are undertaking. |
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Business and financial interests are playing their role,
raising alarms that the US government could fail to meet
its obligations after the August 2 deadline set by the
Treasury. Stock prices have fallen for five consecutive
days, since the collapse of talks between the Obama
administration and congressional Republicans, for a
cumulative loss of nearly 500 points on the Dow Jones
Industrial Average.
The Financial Services Forum, which represents the 20
biggest Wall Street banks, became the latest
representative of corporate America to warn of the
consequences of a federal default in a statement issued
Thursday. A default “would be a tremendous blow to
business and investor confidence,” the bankers declared,
“dramatically worsening our Nation’s already difficult
economic circumstances.”
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