{"id":466835,"date":"2011-07-23T19:42:56","date_gmt":"2011-07-23T19:42:56","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/23\/obama-holds-crisis-us-debt-talks\/"},"modified":"2011-07-23T19:42:56","modified_gmt":"2011-07-23T19:42:56","slug":"obama-holds-crisis-us-debt-talks","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/23\/obama-holds-crisis-us-debt-talks\/","title":{"rendered":"Obama holds crisis US debt talks"},"content":{"rendered":"<p><div readability=\"81.0174608355\"><span><span>23 July 2011<\/span> <span>Last updated at<\/span> <span>15:42 ET<\/span><\/span><\/p>\n<p>US President Barack Obama has held an emergency meeting with congressional leaders in a last-ditch bid to avert an economically catastrophic debt default.<\/p>\n<p>Mr Obama called the meeting after talks with Republican House Speaker John Boehner broke down on Friday.<\/p>\n<p>Both Democrats and Republicans are divided on how to control future spending.<\/p>\n<p>Congress must approve a plan to raise America&#8217;s debt ceiling before the 2 August default deadline.<\/p>\n<p>If the US fails to meet the deadline to raise the $14.3tn limit on US borrowing, the Treasury could run out of money to pay all of its bills &#8211; which could lead to interest rate rises, threaten the US economic recovery and in turn the global recovery.<\/p>\n<p>Mr Obama was joined at the negotiating table on Saturday by his Vice-President Joe Biden, Mr Boehner, House Minority leader Nancy Pelosi, Democratic Senate Majority leader Harry Reid and Senate Republican leader Mitch McConnell.<\/p>\n<p>The Associated Press reported that they were unsmiling as the meeting began and most of them avoided reporters when they left the White House.<\/p>\n<p>The White House afterwards urged Congress to &#8220;refrain from playing reckless political games with our economy&#8230; and do its job, avoiding default and cutting the deficit&#8221;.<\/p>\n<div readability=\"32.8080808081\"><a href=\"http:\/\/www.bbc.co.uk\/news\/world-us-canada-14263644#story_continues_2\">Continue reading the main story<\/a><\/p>\n<h2>Who owns the $14.3tn debt?<\/h2>\n<ul>\n<li>US government owes itself $4.6tn<\/li>\n<li>Remaining $9.7tn owed to investors<\/li>\n<li>They include banks, pension funds, individual investors, and state\/local\/foreign governments<\/li>\n<li>China: $1.16tn, Japan: $0.91tn, UK: $0.35tn<\/li>\n<li>Deficit is annual difference between spending and revenue, $1.29tn in 2010<\/li>\n<li>Congress has voted to raise the US debt limit 10 times since 2001<\/li>\n<\/ul>\n<p>Source: US Treasury, May 2011, Congressional Research Service, Congressional Budget Office<\/p>\n<\/div>\n<p>Both Mr McConnell and Mr Boehner issued statements saying they intended &#8220;to find a bipartisan solution to significantly reduce Washington spending and preserve the full faith and credit of the United States&#8221;.<\/p>\n<p>Aides said they expected to work through the weekend to come up with bill that would be acceptable to both sides for Monday.<\/p>\n<p>On Friday, Mr Boehner accused the president of moving &#8220;the goal posts&#8221;, saying they had been close to a deal until Mr Obama demanded $400bn in tax increases on top of about $800bn in revenues that would have been reaped through a comprehensive rewrite of the tax code.<\/p>\n<p>Mr Obama had declared his deal as &#8220;extraordinarily fair&#8221;, offering to cut $650bn from Medicare, Medicaid and other entitlements, as well as slashing $1tr in discretionary spending.<\/p>\n<p>Republicans have been unwilling to consider raising new taxes to counter the growing budget deficits.<\/p>\n<p>The Democrats have been opposed to cutting popular healthcare and welfare programmes for pensioners and the poor.<\/p>\n<\/div>\n<p>Link:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/world-us-canada-14263644\" title=\"Obama holds crisis US debt talks\" rel=\"noopener noreferrer\">Obama holds crisis US debt talks<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 23 July 2011 Last updated at 15:42 ET US President Barack Obama has held an emergency meeting with congressional leaders in a last-ditch bid to avert an economically catastrophic debt default. Mr Obama called the meeting after talks with Republican House Speaker John Boehner broke down on Friday. <\/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-466835","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>Obama holds crisis US debt talks - 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\/23\/obama-holds-crisis-us-debt-talks\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Obama holds crisis US debt talks - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"23 July 2011 Last updated at 15:42 ET US President Barack Obama has held an emergency meeting with congressional leaders in a last-ditch bid to avert an economically catastrophic debt default. 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