rayloke2009blogspot: Obama, GOP trade debt plan demands

Thursday, July 21, 2011

RAYLOKEJuly 21, 2011 at 12:05 PM
Congress must raise the $14.3 trillion limit on America's borrowing by August 2 or the government will run out of money to pay its bills. Democrats and Republicans were far from a breakthrough on a deficit-reduction deal, making markets increasingly uneasy.
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RAYLOKEJuly 21, 2011 at 12:08 PM
House Democratic Leader Nancy Pelosi called the proposed Republican legislation "outrageous."

Obama, who warned earlier in the week that seniors might not receive Social Security checks if the country went into default, said interest rates would also rise on Americans' home and car loans.

It would be, he said, "effectively a tax increase on everybody."
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