Debt talks getting heated in the U.S.
Posted Jul 14, 2011 04:41:13 AM.
This article is more than 5 years old.
U.S. President Barack Obama declared “enough is enough” as he stormed out of a nearly two-hour debt-limit meeting at The White House.
He rejected Republican demands that he accept a short-term extension of the government’s borrowing authority.
Obama bluntly told Republican leaders that they must compromise quickly if the government is to avoid an unprecedented default.
Republicans are demanding deep spending cuts as the price for allowing a debt limit increase to pass.
However, negotiations have bogged down over Obama’s demand for tax increases that republican lawmakers say they won’t accept.
Another round of talks is set for Thursday.
With a threatened default less than three weeks away, Moody’s Investors Service announced it is reviewing the U.S. bond rating for a possible downgrade.
The U.S. Treasury Department says the annual deficit is on a pace to exceed one (t) trillion dollars for the third year in a row.
