Capital Hill (CNN) – What exactly would happen if Congress does not raise the debt ceiling before Aug. 2?
In this week's American Sauce podcast, we lay out the specifics, including why August is particularly a difficult month for this to happen. We also summarize the debt negotiations so far through the eyes of two Hollywood screenwriters. Listen here.
Leave comments below.
Or follow our cheat sheet.
Washington (CNN) - Here it is - a cheat sheet to the talks over the national debt. These are the plans on the table, simplified and put in terms a human being can understand:
$14.29 trillion - current debt limit. That's also nearly the value of the European Union's gross domestic product - or everything produced in the EU - last year.FULL STORY
Capitol Hill (CNN) - As families make their 2011 summer plans, we here at American Sauce are thinking about 2011 summer politics. The Medicare plan from House Budget Chairman Paul Ryan, R-Wisconsin, is a clear, early contender, to dominate town halls and political barbecues.
Capitol Hill (CNN) - How exactly is the Treasury Department keeping the U.S. going, after the country has hit the national debt limit? A debt limit means no additional net borrowing - at a time when the federal government pays roughly 40% of its bills precisely through borrowing.
Treasury Secretary Tim Geithner calls the answer "extraordinary measures". Financial juggling is another way to say it.
This week, American Sauce lays out exactly what the Treasury is doing to limbo under the debt limit and buy Congress about two months of time to find an answer.
Comment below. Listen here:
Or keep reading for the bullet points in print: