Debt Deal Soon
Posted Jul 31, 2011 08:58:01 AM.
This article is more than 5 years old.
There is progress being made in Washington. Officials say The White House and Republican leaders are making significant progress toward an agreement to avoid a default on the U.S Government’s debt.
The possible plan that might break the stalemate would raise debt limit by about $2.4 trillion and enact spending cuts of a slightly larger amount in two stages. The deadline for passing the legislation is Tuesday.
Both sides are spending the weekend meeting behind closed doors. Massachusetts senator John Kerry says the showdown is harming the credibility of the u-s economy among allies around the globe.
Economists warn if no agreement is made by Tuesday, it would create chaos on global financial markets. We saw last week the TSX losing almost 550 points or 4%.
