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 This material may not be published, broadcast, rewritten or redistributed.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:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

MagicJack Inventor Dan Borislow Dies at 52

Tuesday, 22 Jul 2014 16:25 PM

Dan Borislow, whose "MagicJack," peddled in television infomercials, helped pioneer free phone calls through the Interne . . .

To Fight Crime, Chicago Tries Wiping Away Arrests

Tuesday, 22 Jul 2014 14:58 PM

Desperate to curb the gun violence wracking their city, Chicago lawmakers are leading the way toward a counterintuitive  . . .

Mysterious White Flags Appear Atop Brooklyn Bridge

Tuesday, 22 Jul 2014 13:40 PM

Someone has replaced two American flags on the Brooklyn Bridge with mysterious white flags.The white flags - internation . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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