CORRECTS POLL NUMBER ON OBAMA’S HANDLING OF ECONOMY
The United States is due to hit its $14.3 trillion debt limit today, and tensions are understandably on the increase with Republicans and Democrats wide apart on the budget deal the GOP wants in exchange for increasing the ceiling.
World markets and America’s economic future could be jeopardized if negotiators still have no deal when the Treasury Department runs out of tricks to stave off default.
But do those fears a crisis make?
Senate Minority Leader Mitch McConnell suggests not. “Rather than thinking of this as a crisis, I think of it as an opportunity to come together and those talks are under way led by the vice president.”
Those talks are looking for ways to reduce the current annual U.S. budget deficit of $1.4 trillion and the mounting debt. McConnell also says any deal should be reviewed by Wall Street credit rating agency Standard & Poor’s, which has warned it could nix the AAA U.S. debt rating without a credible plan to tackle those pesky fiscal issues.
However, it’s not as if Wall Street and the federal government always see eye to eye, particularly on the regulatory side.