{"id":470762,"date":"2011-07-30T19:51:01","date_gmt":"2011-07-30T19:51:01","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/07\/30\/us-default-angers-americans\/"},"modified":"2011-07-30T19:51:01","modified_gmt":"2011-07-30T19:51:01","slug":"us-default-angers-americans","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/07\/30\/us-default-angers-americans\/","title":{"rendered":"US default angers Americans"},"content":{"rendered":"
\n

By Hugo Odiogor<\/p>\n

Prospect of debt default stirred Americans into visibly outrage yesterday amid the legislative calisthenics\u00a0 playing out in the United States Congress. The lawmakers of the Republican and Democratic parties engaged each other in divisive politics at the expense of the economic survival and credibility of their country.<\/p>\n

With 48 hours to the August 1 deadline on raising the cap on the amount of money the US Treasury can borrow to pay the government\u2019s bills, the leadership of the legislature is\u00a0 deeply divided while the image of the country suffers irreparable damage.<\/p>\n

Records last week showed that the national debt has\u00a0 hit the $14.3\u00a0trillion legal limit and unless the Congress acts by Tuesday, the Treasury will go broke, meaning that US could begin running short of cash for federal health-care and retirement benefits, military salaries and payments due investors, thereby throwing the U.S. government into default for the first time in its history.<\/p>\n

Apart from the default saga, America\u2019s credit -rating companies is in danger as the country risks being downgraded on its AAA rating, which could drive up interest rates for government at all levels, as well as for ordinary Americans.<\/p>\n

Speaker\u00a0 John A. Boehner, who represents Republican Party, Ohio, laboured through the weekend to rally a vote for his plan which will raise the debt ceiling for six months but President Barack Obama has signaled that he would veto the measure because it might force another battle over the debt limit early next year.<\/p>\n

Majority Leader, Mr. Harry Reid of Democratic Party, Nevada, pronounced the Republican Party proposal \u201cdead on arrival\u201d in the Senate, where Democrats were struggling to rally votes for their own plan to raise the debt limit by $2.7\u00a0trillion \u2014 enough additional borrowing authority to cover the nation\u2019s bills into 2013.<\/p>\n<\/div>\n

Comments are moderated. Please keep them clean and brief.<\/p>\n<\/p>\n

Read the original:
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By Hugo Odiogor Prospect of debt default stirred Americans into visibly outrage yesterday amid the legislative calisthenics\u00a0 playing out in the United States Congress. The lawmakers of the Republican and Democratic parties engaged each other in divisive politics at the expense of the economic survival and credibility of their country. With 48 hours to the August 1 deadline on raising the cap on the amount of money the US Treasury can borrow to pay the government\u2019s bills, the leadership of the legislature is\u00a0 deeply divided while the image of the country suffers irreparable damage. Records last week showed that the national debt has\u00a0 hit the $14.3\u00a0trillion legal limit and unless the Congress acts by Tuesday, the Treasury will go broke, meaning that US could begin running short of cash for federal health-care and retirement benefits, military salaries and payments due investors, thereby throwing the U.S. government into default for the first time in its history. Apart from the default saga, America\u2019s credit -rating companies is in danger as the country risks being downgraded on its AAA rating, which could drive up interest rates for government at all levels, as well as for ordinary Americans. Speaker\u00a0 John A. Boehner, who represents Republican Party, Ohio, laboured through the weekend to rally a vote for his plan which will raise the debt ceiling for six months but President Barack Obama has signaled that he would veto the measure because it might force another battle over the debt limit early next year. Majority Leader, Mr. Harry Reid of Democratic Party, Nevada, pronounced the Republican Party proposal \u201cdead on arrival\u201d in the Senate, where Democrats were struggling to rally votes for their own plan to raise the debt limit by $2.7\u00a0trillion \u2014 enough additional borrowing authority to cover the nation\u2019s bills into 2013. Comments are moderated. Please keep them clean and brief. <\/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-470762","post","type-post","status-publish","format-standard"],"yoast_head":"\nUS default angers Americans - 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\/30\/us-default-angers-americans\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"US default angers Americans - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Hugo Odiogor Prospect of debt default stirred Americans into visibly outrage yesterday amid the legislative calisthenics\u00a0 playing out in the United States Congress. The lawmakers of the Republican and Democratic parties engaged each other in divisive politics at the expense of the economic survival and credibility of their country. With 48 hours to the August 1 deadline on raising the cap on the amount of money the US Treasury can borrow to pay the government\u2019s bills, the leadership of the legislature is\u00a0 deeply divided while the image of the country suffers irreparable damage. Records last week showed that the national debt has\u00a0 hit the $14.3\u00a0trillion legal limit and unless the Congress acts by Tuesday, the Treasury will go broke, meaning that US could begin running short of cash for federal health-care and retirement benefits, military salaries and payments due investors, thereby throwing the U.S. government into default for the first time in its history. Apart from the default saga, America\u2019s credit -rating companies is in danger as the country risks being downgraded on its AAA rating, which could drive up interest rates for government at all levels, as well as for ordinary Americans. Speaker\u00a0 John A. Boehner, who represents Republican Party, Ohio, laboured through the weekend to rally a vote for his plan which will raise the debt ceiling for six months but President Barack Obama has signaled that he would veto the measure because it might force another battle over the debt limit early next year. Majority Leader, Mr. Harry Reid of Democratic Party, Nevada, pronounced the Republican Party proposal \u201cdead on arrival\u201d in the Senate, where Democrats were struggling to rally votes for their own plan to raise the debt limit by $2.7\u00a0trillion \u2014 enough additional borrowing authority to cover the nation\u2019s bills into 2013. Comments are moderated. 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