A political standoff in Washington which has held the world’s economy at ransom over the past week could possible be resolved at 6pm today as House Speaker John Boehner proposes his solution to raising the debt ceiling to the rest of the chamber to vote upon.
The dreaded August 2nd deadline is being feared by economist around the world due to the stalled talks between both parties in U.S. politics. If they fail to reach an agreement by August 2nd analysts believe that the U.S. will default on some of its debt obligations and will loss its AAA credit rating making it more expensive for the government to borrow money in the future. That scenario would hold drastic consequences on the world economy which is already treading on thin ice following all of the Soveirgn debt issues that have circulated Europe.
Barack Obama has pleaded that the time for compromise between the Republicans and Democrats is “Now”. Senate Majority Leader Harry Reid stated that “this will likely be our last chance to save this nation from a default”.
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