Republicans plan a house vote next week on a bill that would cut spending and increase the governments debt limit to passage of a constitutional amendment requiring a balanced budget. This vote would signal the GOP's seriousness about controlling the government's spending. This vote would likely be a symbolic one, since the bill would likely face opposition and little chance of becoming law.
Republicans want to cut spending, while not raising any taxes. The Democrats propose spending cuts while raising taxes on the wealthy. With an August 2nd deadline looming, the talks are at an impasse. What affect does this have on an already fragile economy?
The jobs picture shows numbers worse than earlier in the year. Unemployment still remans high. The real estate market, at least in the Chicago area, is sluggish. Borrowing restrictions are some of the problem. But is it that people are afraid to do anything at the moment due to fear of the economy?
Whatever your political views, urge your representatives to find a solution to the economic crises we currently face. The U S defaulting would catastrophic.