Tensions rise on Capitol Hill as America runs out of money

[super jumbe]

By 2 August the US must raise the legal limit on its $14.3 trillion debt or face dire consequences?????

Barack Obama is battling to raise the US legal debt limit in the face of fierce Republican opposition.

It takes two votes to keep America's finances running: one vote to pass budget bills, another to borrow the money.

Republicans and Democrats have been locked in battle on Capitol Hill. With the crunch deadline approaching, Obama hit out at Republicans last week, saying they favoured corporate jet owners over children and the elderly. Those high-flying fat cats got six mentions in a speech that set out the president's combative stance.

With US debt at levels unseen in 60 years, Republicans are insisting on at least $2tn (?1.25tn) in spending cuts over 10 years and no tax increases.



NO TAX INCREASES.....

Easy fix, Tax on Churches, Synagogues, Mosques, and others?? No more tax exclusions!!!!!!!!!!!!

Stop the wars; they should have learned the lesson when Russians went broke fighting in Afghanistan and Chechnya.

[Shady]

who cares really though?

[maca]

[ame=http://www.youtube.com/watch?v=x8jca8ZATfA&feature=related]YouTube - ‪The Clash - I'm so bored with the U.S.A. (lyrics)‬‏[/ame]

[racin-snake]

the point being if your bored or not interested
their economy is weak and if you look a weak dollar is worth ~~~~all
and in terms of trade that's bad
as other currency's are far more robust and bankers will take full advantage
we buy a lot of things like oil ect ..that can only be bought in dollars
if the dollar is weak how much will a barrel of oil rise ?
so id say yea it matters
for when it goes bang and it will
no currency will be safe especially ours which is closely linked and based to the dollar
so for sure it will get much worse here