Debt Ceiling Talks Collapse (LATEST UPDATES) AP/The Huffington Post First Posted: 7/22/11 06:55 PM ET Updated: 7/22/11 06:57 PM ET
President Barack Obama said Friday night that House Speaker John Boehner was "walking away" from negotiations to raise the nation's debt ceiling and avert financial catastrophe. Still, Obama said he was expecting congressional leaders from both parties at the White House Saturday morning.
In a dramatic appearance in the White House briefing room Obama said it was up to the Republican leaders to explain to him how they intend to avoid the default that is threatened after Aug. 2.
"I expect them to have an answer in terms of how they intend to get this thing done in the course of the next week. The American people expect action," Obama said.
Boehner, in a letter circulated to the House Republican rank and file, said he had withdrawn from the talks with Obama because "in the end, we couldn't connect. He said he would turn instead to negotiations with leaders of the Senate, which is controlled by majority Democrats.
The disconnect in the talks with the White House, Boehner said, was "not because of different personalities, but because of different visions for our country...............................>>>>......................>>>>.......................http://www.huffingtonpost.com/.....tle=The_Stock_Market
Debt Ceiling Debate: Wall Street Futures, U.S. Dollar Drop With No Deal In Place First Posted: 7/24/11 07:43 PM ET Updated: 7/24/11 07:44 PM ET
NEW YORK (David Gaffen) - Wall Street futures fell, the dollar dropped and gold rallied as Washington appeared no closer on Sunday to raising the debt ceiling to avert a devastating default.
The decline in futures points to a poor open for markets and shows investors are getting increasingly worried about the failure of legislators to coalesce around one approach.
"The fact that they seem to be jumping from one type of proposal to another and not converging on anything is beginning to worry markets," said Steven Englander, head of G10 FX strategy at Citigroup.
S&P 500 futures fell at the open of electronic trading. The benchmark S&P was down 0.9 percent, or 12 points, at 1,328.70.
Early currency trading suggested a move away from the dollar, with the biggest drop in the greenback coming against the Swiss franc. In early Asian trading, the dollar dropped to 0.8132 against the Swiss franc, down 0.7 percent.
Early currency trading suggested a move away from the dollar, with the biggest drop in the greenback coming against the Swiss franc. In early Asian trading, the dollar dropped to 0.8132 against the Swiss franc, down 0.7 percent.
In commodities trading, gold futures rose to $1,610 an ounce, up $8.70, a new record for the precious metal..........
Wait according to Bernanke gold and silver isn't money, why would people want metal over paper with a promise of strong value Truth is the dollar is screwed, there is no trust in it or our government.
"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot."
Posted at 08:00 AM ET, 07/25/2011 White House stokes debt-ceiling crisis By Jennifer Rubin
A Republican aide e-mails me: “The Speaker, Sen. Reid and Sen. McConnell all agreed on the general framework of a two-part plan. A short-term increase (with cuts greater than the increase), combined with a committee to find long-term savings before the rest of the increase would be considered. Sen. Reid took the bipartisan plan to the White House and the President said no.”
If this is accurate the president is playing with fire. By halting a bipartisan deal he imperils the country’s finances and can rightly be accused of putting partisanship above all else. The ONLY reason to reject a short-term, two-step deal embraced by both the House and Senate is to avoid another approval-killing face-off for President Obama before the election. Next to pulling troops out of Afghanistan to fit the election calendar, this is the most irresponsible and shameful move of his presidency.
As for the House, why not pass the deal that Sen. Harry Reid agreed to, send it to the Senate and leave town? Enough already.
The GOP unveiled another bill but it looks like this will be shot down also by the white house. I would say screw it don't raise it, the world will still spin and it will force the government to live within their means.
"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot."
It's sad when a Comedy Central Comedian makes more sense than the entire US congress! Jon Stewart is the only adult in the room!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
The GOP unveiled another bill but it looks like this will be shot down also by the white house. I would say screw it don't raise it, the world will still spin and it will force the government to live within their means.
But they are 'all' saying that it will be globally catastrophic. Interest rates will rise. More jobs lost. blah blah blah This is what we get for raising our debt ceiling decade after decade! The 'sh!t' is bound to hit the fan eventually!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
The one sacred, not to be touched item in the Republican plans... cut Medicare, cut Environment, cut Education, cut anything but never never never make the Rich Pay their Fair Share. (Fair share being defined as what the millionaires and billionaires were were paying when the last 10 presidents were in office.)
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
But they are 'all' saying that it will be globally catastrophic. Interest rates will rise. More jobs lost. blah blah blah This is what we get for raising our debt ceiling decade after decade! The 'sh!t' is bound to hit the fan eventually!
Yeah no kidding, even the bills the republicans are bringing out is a joke, only an estimated 7-8 billion dollars are a guaranteed quick cut in spending while the rest will be argued on. The conservatives need to stick by their guns and demand no spending increases and no new revenue from taxes, real spending cuts is the solution but we won't see that happen until the system collapses.
"In the beginning of a change, the Patriot is a scarce man, brave, hated and scorned. When his cause succeeds, however, the timid join him, for then it costs nothing to be a Patriot."
Do you remember the Rush Loudmouth... "We Hope He Fails"... it appears the Republicans want Obama to fail more than they want the USA to prosper. When this is all over, and it will be over at some point... America will again blame the Republicans... and Obama will be re elected.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
A new Reuters/Ipsos poll l found that 56% of Americans want to see a combination of government spending cuts and tax increases included in a deal to bring down the U.S. budget deficit and permit a vote to raise the country's $14.3 trillion debt ceiling. This is the approach favored by President Obama and his fellow Democrats.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
We are witnessing a perfect example of what happens when the government tries to provide everything to everybody, they run out of other peoples money far too soon.
Logged
Truth is the dollar is screwed, there is no trust in it or our government. 
