Passing Major Debt Deal by Aug. 2 Seems Doubtful

Friday, 01 Jul 2011 02:56 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON — Time for a broad deal to raise the government's borrowing limit and slash spending may be even shorter than it seems.

Even if quarreling lawmakers agree this month on a deal, it is doubtful Congress can pass it before an Aug. 2 deadline. That's when the Treasury Department says the U.S. will run short of money to pay bills.

Congress may have to vote at least twice on the political poisonous issue of raising the $14.3 trillion debt ceiling to avoid such a default. The first would be on an interim raise, possibly tens of billions of dollars, to provide time to wrap up a grand bargain that would let the government to go trillions deeper into debt — in exchange for spending cuts and possibly higher taxes.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Duncan's Nurses: We Held His Hand When Nobody Else Would

Friday, 24 Oct 2014 23:08 PM

The last people to hold Ebola patient Thomas Eric Duncan's hands to comfort him as he was dying at Dallas' Texas Presbyt . . .

Living Large: The Scandal of Bishops' Residences

Friday, 24 Oct 2014 20:31 PM

Camden, N.J., is one of the poorest cities in the U.S. So it was a shock earlier this year when reports surfaced that Bi . . .

Judge Rules Oklahoma Abortion Law Can Take Effect

Friday, 24 Oct 2014 20:09 PM

A new Oklahoma law that requires clinics to have a physician with admitting privileges at a nearby hospital present when . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved