Brinksmanship Continues Between Obama and GOP
Though both sides are still talking tough in the economic impasse that has resulted in a nine-day-long partial government shutdown, President Barack Obama has plans to hold talks at the White House with Republican lawmakers in the coming days. Such a conversation might indicate a thawing in the chilly relationship which has resulted in an inability to come to an agreement regarding the soon-to-expire debt ceiling.
When the debt ceiling is reached, the government will no longer be able to borrow money to finance operations. Prior to today, the president’s stance has been a refusal to discuss deficit reduction and the massive 2010 health care law known as Obamacare until the Republican-controlled House agrees to at least a short term increase of the debt ceiling limit.
A confab between the two sides last week at the White House yielded no results, but the rancorous tenor of the public discourse has subsided somewhat in the last few days. Speaker John Boehner went so far as to say, “There’s a crack there.”
The real worry among some economists is that a U.S. default on financial obligations would send an economic shockwave rippling throughout the world. (Derek Dowell – VNN) (Image: Flickr | art_es_anna)