{"id":461256,"date":"2011-07-15T01:15:05","date_gmt":"2011-07-15T01:15:05","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/15\/us-debt-talks-deadlock-drags-on\/"},"modified":"2011-07-15T01:15:05","modified_gmt":"2011-07-15T01:15:05","slug":"us-debt-talks-deadlock-drags-on","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/15\/us-debt-talks-deadlock-drags-on\/","title":{"rendered":"US debt talks deadlock drags on"},"content":{"rendered":"<p><div readability=\"88.9172165567\"><span><span>14 July 2011<\/span> <span>Last updated at<\/span> <span>21:15 ET<\/span><\/span><\/p>\n<p>President Barack Obama has told lawmakers he wants agreement on a US debt deal in 24-36 hours, Republican and Democratic aides say.<\/p>\n<p>A fifth consecutive day of cross-party negotiations at the White House between President Obama and congressional leaders failed to make a breakthrough.<\/p>\n<p>The president plans to hold a news conference to discuss the troubled talks at 1100 (1500GMT) on Friday.<\/p>\n<p>The US must raise its $14.3tn (\u00a38.9tn) debt ceiling to borrow beyond 2 August.<\/p>\n<p>Failure to reach a deal would rattle a world economy still trying to put the 2008 downturn behind it, analysts say.<\/p>\n<p><span>&#8216;Childish&#8217;<\/span><\/p>\n<p>On Thursday, Standard &#038; Poor&#8217;s became the second of the major credit rating agencies to place US debt under review, citing an <a href=\"http:\/\/www.standardandpoors.com\/servlet\/BlobServer?blobheadername3=MDT-Type&#038;blobcol=urldata&#038;blobtable=MungoBlobs&#038;blobheadervalue2=inline%3B+filename%3DUnitedStatesofAmerica_AAAA_7_14_11.pdf&#038;blobheadername2=Content-Disposition&#038;blobheadervalue1=application%2Fpdf&#038;blobkey=id&#038;blobheadername1=content-type&#038;blobwhere=1243932109521&#038;blobheadervalue3=UTF-8\">increasing risk of a payment default<\/a>.<\/p>\n<p>Another ratings agency, Moody&#8217;s, warned a day earlier that it might cut Washington&#8217;s triple-A debt rating.<\/p>\n<p>President Obama said that if congressional leaders could not &#8220;find agreement on the path forward&#8221; in the next 24-36 hours, the negotiations would have to continue into the weekend, according to Democratic and Republican aides.<\/p>\n<div readability=\"29.8430656934\"><a href=\"http:\/\/www.bbc.co.uk\/news\/world-us-canada-14164308#story_continues_2\">Continue reading the main story<\/a><\/p>\n<h2>US federal government debt<\/h2>\n<ul>\n<li>US government currently runs a $1.5tn budget deficit, requiring it to issue debt in the form of treasury bills, bonds and other securities<\/li>\n<li>Public debt was $14.3tn on 31 May, up from $10.6tn when Mr Obama took office in January 2009<\/li>\n<li>Most is held by the public, with the rest held in US government accounts<\/li>\n<li>Congress has voted to raise the US debt limit 10 times since 2001<\/li>\n<\/ul>\n<p>Sources: US Treasury, Congressional Research Service, Congressional Budget Office<\/p>\n<\/div>\n<p>The political impasse boiled over on Thursday to the Senate floor, where Senate Majority Leader Harry Reid, a Democrat, called House Republican Leader Eric Cantor &#8220;childish&#8221;.<\/p>\n<p>Mr Reid said Mr Cantor &#8220;has shown he shouldn&#8217;t even be at the table&#8221; in the debt talks at the White House.<\/p>\n<p>Mr Cantor reportedly told President Obama during Wednesday evening&#8217;s talks that the tax rises sought by Democrats simply were not going to happen.<\/p>\n<p>He is also said to have urged the president to accept a short-term deal instead of a budget that would carry through to the presidential election in November 2012.<\/p>\n<p>That is said to have prompted Mr Obama to say: &#8220;Enough is enough&#8230; I&#8217;ll see you all tomorrow,&#8221; before leaving the room.<\/p>\n<p>US Federal Reserve chairman chief Ben Bernanke warned a Senate panel on Wednesday that a default would cause a &#8220;major crisis&#8221;, adding it would be a &#8220;self-inflicted wound&#8221;.<\/p>\n<p>President Obama needs the Republican-led House of Representatives and Democratic-held Senate to agree a deal to trim the US deficit, and allow Washington to borrow beyond the 2 August deadline.<\/p>\n<p>He has said he is willing to countenance cuts to social safety-net programmes dear to Democrats, as long as there are tax rises for the rich.<\/p>\n<p>Republicans have rejected the latter proposal, saying that would stifle investment and job growth.<\/p>\n<\/div>\n<p>Originally posted here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/world-us-canada-14164308\" title=\"US debt talks deadlock drags on\" rel=\"noopener noreferrer\">US debt talks deadlock drags on<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 14 July 2011 Last updated at 21:15 ET President Barack Obama has told lawmakers he wants agreement on a US debt deal in 24-36 hours, Republican and Democratic aides say. A fifth consecutive day of cross-party negotiations at the White House between President Obama and congressional leaders failed to make a breakthrough<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-461256","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>US debt talks deadlock drags on - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/07\/15\/us-debt-talks-deadlock-drags-on\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"US debt talks deadlock drags on - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"14 July 2011 Last updated at 21:15 ET President Barack Obama has told lawmakers he wants agreement on a US debt deal in 24-36 hours, Republican and Democratic aides say. 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