No debt ceiling deal in sight
July 16th, 2011
11:49 AM ET
11 years ago

No debt ceiling deal in sight

NEW YORK (CNNMoney) - Just two weeks and a couple days.

That's how long Congress has to raise the debt ceiling, or risk economic catastrophe.

The deadline has been a long time coming. Treasury started sending letters to lawmakers in January urging them to raise the $14.3 trillion debt ceiling - which is the U.S. legal borrowing limit.

More than six months have passed.


Filed under: Congress • Debt • Deficit
soundoff (9 Responses)
  1. vic , nashville ,tn

    Catastrophic and default

    Republicans don’t want to see tax increase they ready go for default to protect rich that mean others have to bearer the burden

    When others can’t bearer the burden then every homeowner has to call default on their home mortgage

    Republicans never understand

    July 16, 2011 12:24 pm at 12:24 pm |
  2. B

    The Republicans are going to drive this country off the cliff.

    July 16, 2011 12:30 pm at 12:30 pm |
  3. The Obama Recession Continues Unabated, Obama Depression on the way

    That's how long Congress has to raise the debt ceiling, or risk economic catastrophe.
    There is is risk ONLY if Obama and the Democrats choose to NOT pay the interest on the debt ($29 BILLION) from the nearly $200 BILLION the federal government collects in taxes every month. Should they do so, THEY are responsible for any consequences.

    And the question must be asked, "Would this be worse or better than continuing the current disaster to its logical conclusion, which is USA bankruptcy from huge debt?" The Democrats appear content to bring the same rioting in the streets that we see in Greece to this country. Actually, some on the left are calling for it. It is clear to me they WANT to collapse this country under an insurmountable mountain of debt.

    July 16, 2011 12:33 pm at 12:33 pm |
  4. American

    @The Obama Recession Continues Unabated, Obama Depression on the way (queue rolling eyes)–the jokes on you, buddy, and your bizarre fixation to partisan nonsense. Party first, right?

    I said nothing earlier of tax payments the way you falsely depicted it. I said shared responsibility from all Americans to deal with our fiscal situation, whether it is reductions in programs as a contribution or yes, even those incremental increases in revenues. You know; the ones that are actually supported by the Majority of Americans.

    It's a similar majority who also want both sides working together (i.e. reasonable compromise) to avoid irresponsibly defaulting on our nation's loan. Legislators need to get this job done now, as we citizens pay them to do.

    July 16, 2011 12:58 pm at 12:58 pm |
  5. mark

    If he would stop spending. Shrink government. Step out of office we would not have this problem. He is over his head, as the president. He needs to back to be a small community organizer.
    Impeach him our great country needs him gone.

    July 16, 2011 01:01 pm at 1:01 pm |
  6. marty

    We Americans are now witnessing words and actions by legislators in Congress who apparently have no regard whatsoever of the oath they took when assuming office. We don't need a balanced budget amendment, we need the judiciary to enforce the law against those who lied under oath and now have the power to undermine the principles that this country was founded upon by adhering to the wishes and greed of corporations, giant oil companies, businesses, and the very wealthy. Unfortunately, many of these 'adult' congressmen and women truly do act like children and seemingly don't have the capacity to realize exactly what the consequences of their actions, for this country, will entail. This is a sad, sad ,pathetic public display of unadulterated stubbornness, obstruction and stupidity.

    July 16, 2011 02:48 pm at 2:48 pm |
  7. The Greedy Old Pigs have declared class war on US!

    There is only ONE reason there is no debt deal yet: The GOBPbaggers refuse to call on corporations to make sacrifices along with the rest of us. Instead, this corrupt corporatist cult wants the poor and middle class to bear all the burdens and offer themselves up for enslavement to the top 2% who own 80% of the wealth in this country.

    July 16, 2011 03:40 pm at 3:40 pm |
  8. Theophobia

    Don't raise the debt ceiling, it will limit our future exposure to China. It will force us to make the hard decisions now , so what if grandma and peoples social security is late. The government was broke a few months ago and has been using the Civil Service Retirement Fund to keep the government going, they borrow or move money around from many diffent government funds. If everybody has to take a $10 to $200 cut, it won't be that bad People will cut back on food and lose weight. People will cut back on smoking, thereby decreasing tax revenue. And we will see what government services we don't need.

    July 16, 2011 04:06 pm at 4:06 pm |
  9. Ed

    Good why raise the ceiling when they can't balance what they have now.

    Stop spending with money you don't have like we have to.

    July 16, 2011 04:35 pm at 4:35 pm |