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No Breakthrough in US Debt Crisis

Service : Economy
TEHRAN, July 6 (ICANA) – The Senate returned to Washington Tuesday after having canceled its regularly scheduled recess in order to continue working on a debt-ceiling deal, with just over two weeks left until the White House deadline for an agreement.
Wednesday, July 06, 2011 12:14:11 PM
No Breakthrough in US Debt Crisis

Senate leaders cut short the recess to demonstrate that Congress is serious about resolving the debt impasse. But no bipartisan meetings between the White House and congressional negotiators have been scheduled so far -- leaving the process roughly where it was when House Republicans pulled out of the negotiations two weeks ago.

That doesn't mean there won't be partisan positioning, however. On Wednesday, Senate Democrats are scheduled to meet with Vice President Biden, and possibly President Obama, to discuss the negotiations. As of Tuesday morning, no time or place had been set for the meeting, which was proposed by Senate Majority Leader Harry Reid (D-Nev.) late last week.

Wednesday's meeting will be followed by one on Thursday between Senate Democrats and the White House economic team. Washington Post

FACTS & FIGURES

The U.S. officially hit its $14.3 trillion debt ceiling on May 16, 2011. WSJ

The U.S. government could potentially default on its debts on August 2. Industry Leaders Magazine

The U.S. Treasury is borrowing $4.22 billion per day, adding to the current debt. Real Clear Politics

A U.S. Treasury Department report to Congress forecasts that the U.S debt will rise to $19.6 trillion by 2015. Reuters

The Congress has raised the federal debt limit 10 times over the past 10 years. National Journal

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