The debt ceiling will be raised in time ... probably August 1st ... or so I have been told, but what good would that do? How do you fix something that can't be fixed? Can you imagine what will happen if people across the country, whose entire income comes from social security, having no money? Further ... how would this affect international markets?
If no deal by Aug. 2, Obama can't guarantee Social Security checks will go out MSNBC - July 12, 2011
President Obama says he can't guarantee Social Security checks will go out Aug. 3rd if a debt-ceiling deal is not reached by the Aug. 2nd deadline.
Abroad .... EU
Italy's woes could be contagious, even to US MSNBC - July 12, 2011
The debt crisis in Europe may seem like an ocean away from the political donnybrook playing out over the U.S. budget. Europe's woes may soon hit a lot closer to home, though, as austerity measures there throw more cold water on the global economy.
Moody's cuts Ireland's rating to junk MSNBC - July 12, 2011
Moody's Investors Service on Tuesday downgraded Ireland's government bond ratings to junk, dealing a further blow to the eurozone as it struggles to contain a worsening debt crisis.