With the Aug. 2 deadline to take action less than a month away, U.S. President Barack Obama has been negotiating with top Republicans and Democrats on raising the federal government's debt ceiling.
The U.S. Department of the Treasury continues to warn about the potential for catastrophic economic consequences if the debt ceiling is not raised by Aug. 2, when the government is expected to hit its borrowing limit and could default on its legal obligations.
In an interview Friday, U.S. Rep. Andy Harris, R-Md.-1st, said he understands negotiations are ongoing, but as talks continue, he thinks it is becoming less likely a deal will be struck by the deadline.
For Harris and other House Republicans, a crucial part of any deal would be an amendment to the U.S. Constitution requiring the federal government annually operate on a balanced budget.
"Right now, there are a significant number of Republicans who are going to insist on a balanced budget amendment as part of the deal," said Harris, who does not think leading Democrats in the House and Senate will agree to the demand.
4 comments:
While i generally agree with Rep. Harris i think its a bit unresponsible to say he isn't worried about a major economic meltdown if they dont get a deal done. Just look at the stock market this morning and also look at your posts about fuel prices rising again in Maryland IF the economy was half as strong as the polictians say it is we all would be in better shape!
The Central Bankers told him not to worry. Therefore, he will not worry.
"We" are who?
The people who matter most, are in great shape.
We the little people will continue to be in poor shape.
Anon 1254 -
The Central Bankers and the Treasury Dept. are the ones screaming that the sky will fall. No offense, populists aren't de facto stupid. Do a little research before you form an opinion next time.
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