Author Topic: America On the Brink of Debt Default  (Read 644 times)

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America On the Brink of Debt Default
« on: July 24, 2011, 06:40:28 AM »
By BBC News

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.

Both Democrats and Republicans are divided on how to control future spending.

Congress must approve a plan to raise America's debt ceiling before the 2 August default deadline.

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 - which could lead to interest rate rises, threaten the US economic recovery and in turn the global recovery.

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.

The Associated Press reported that they were unsmiling as the meeting began and most of them avoided reporters when they left the White House.

The White House afterwards urged Congress to "refrain from playing reckless political games with our economy... and do its job, avoiding default and cutting the deficit".

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