Markets drop amid fears that Washington won't reach debt deal The Hill
Obama and congressional leaders are running out of time to reach a deal before an Aug. 2 deadline, when the Department of Treasury says it will not be able to pay all the nation’s bills. Obama has warned he cannot guarantee that Social Security payments will be made on Aug. 3.
Treasury Secretary Timothy Geithner on Monday said there is no alternative to raising the debt ceiling.
The House plans to vote Tuesday on legislation to cut and cap spending and balance the budget, but the bill is not expected to move forward in the Senate, and the White House on Monday threatened to veto it.
In a statement of administration policy, the White House Office of Management and Budget labeled the GOP bill an “empty political statement” that was unrealistic and unnecessary.
“Neither setting arbitrary spending levels nor amending the Constitution is necessary to restore fiscal responsibility,” the White House said in its statement. “Increasing the federal debt limit, which is needed to avoid a federal government default on its obligations and a severe blow to the economy, should not be conditioned on taking these actions. Instead of pursuing an empty political statement and unrealistic policy goals, it is necessary to move beyond politics as usual and find bipartisan common ground.”
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