On the Radar: Debt ceiling, beaten baseball fan, cyber security
Treasury Secretary Tim Geithner has said he can prevent a federal default until August 2.
May 16th, 2011
07:04 AM ET

On the Radar: Debt ceiling, beaten baseball fan, cyber security

Debt ceiling: The federal government reaches its current debt ceiling of roughly $14.3 trillion on Monday, although Treasury Secretary Tim Geithner has indicated in a letter to Congress he can keep the country out of default until August 2.

Analysts warn that a failure to reach an agreement in time to avoid a national default could have devastating consequences. Among other things, Americans could be faced with skyrocketing interest rates and a plummeting dollar which could lead to a higher cost of living.

Republicans are pushing for spending cuts before agreeing to any plan to raise the debt ceiling.

Senate Minority Leader Mitch McConnell, speaking to CNN's Candy Crowley on Sunday, called on Congress to institute a spending ceiling for the next two years and also address discretionary and mandatory spending and entitlement reforms, including Medicare and Social Security.

He said a deal that receives a positive prognosis from credit rating agency Standard & Poor's would win his support.

Senate Majority Leader Harry Reid said last week that President Barack Obama has instructed Democrats to get a deal done on the debt ceiling.

Reid said deciding what to cut in the budget will not be easy but he maintained "all options are open."

Beaten Giants fan: Bryan Stow, the San Francisco Giants fan who was severely beaten outside Los Angeles' Dodger Stadium in late March, is set to be transferred Monday from Los Angeles to a San Francisco hospital, his physicians said Sunday.

Stow, 42, was taken out of a medically induced coma about a week ago, and has since shown signs of some cognitive function, Dr. Gabriel Zada said, including opening his eyes several times over the past week.

"Eye opening is a sign of higher cognitive function," Zada said, noting that Stow has done so in response to either verbal or physical stimulation.

Stow also has "some movement" in his arms and legs, Zada said.

The doctor cautioned, however, that Stow still has a long road of recovery ahead of him "that will require very intensive medical care."

Cyber security: Former Homeland Security Secretary Michael Chertoff joins the chairman of the Federal Communications Commission, Julius Genachowski, and other business and government leaders for a roundtable discussion Monday on the threats small businesses face from internet hackers.

"In a rapidly evolving virtual marketplace, where each cyber attack costs small and medium sized businesses an average of nearly $200,000, business owners must vigilantly protect against information security risks that result in billions of dollars in lost revenue," the FCC said in announcing the meeting.

The event coincides with the annual National Small Business Week, which highlights the role small businesses and entrepreneurs play in the nation's economy.

Post by: ,
Filed under: Baseball • Economy • Politics • Security breaches • Sports • Technology
soundoff (52 Responses)
  1. Brian

    Increasing income tax and decreasing social spending is the only way to balance the budget. Both the left and the right have to realize they both need to sacrifice.

    May 16, 2011 at 9:30 am | Report abuse |
    • Tim

      MAN SILENCED BY WALLSTREET AND BLACKSLISTED BY THE MEDIA BECAUSE HE TOLD THE REAL TRUTH ABOUT THE ECONOMY... *** BANNEDINAMERIKA.COM ***

      May 17, 2011 at 9:17 am | Report abuse |
    • Robert

      true that... both need to work together and sacrifice for the greater good

      July 14, 2011 at 4:00 pm | Report abuse |
  2. Georgia

    It is both fascinating and incredibly disheartening to read the comments regarding this issue, particularly those who will turn any issue into a religious, ethnic, or racial one. You may hate Muslims, blacks, and the "illegals," but the sooner you realize we're all in this together the sooner we can set our differences aside and really make something substantial happen. You have so much faith in your God, have a fraction of it in your government. I wonder how many people who say these hateful things actually VOTE.

    May 16, 2011 at 9:34 am | Report abuse |
    • Bernie

      Goegia:

      I couldn't agree with you more. After reading the majority of these replies it is very scary because it is apparent there are many who live on sound bites and have no clue. As for me I won't live another 10 years so as previously said by a great dilusionist : Let them eat cake". So sad!

      May 16, 2011 at 9:57 am | Report abuse |
  3. Riff*Raff

    Not paying the bills is defaulting. It is all theater. The ceiling was raised what 6? times under a Repub prez/Congress without question or outrage. Same with the deficit because a few years ago deficits didnt matter. Blank checks all around. No long term solutions were asked for or required. Now we have a Dem and suddenly they are fiscal conservatives. I call BS. Yes the budget needs balanced-but thats a separate issue from the debt ceiling. Its Congress' job to balance the budget. Wasting time w/an amendment is ridiculous. How many ways do they need remnded? Its also their job to cover payments for money they've already spent. The shell game is finally catching up. Pillaging the coffers cant be sustained long term. Moving loans off the books didnt work. The interest pyts on several trillion is pretty steep. The economy is slowly recovering. Now is not the time to play chicken with our creditors (aka China)

    May 16, 2011 at 10:13 am | Report abuse |
  4. Margroks

    I call the same. WHere were all these people when Bush got us into unwinable wars adn raised the debt so high? NOW we all have to sacrifiuce to make it right even though the mIddle Class has always paid its fair share and the rich and their corporations have never paid what they should. How is it fair that we have to continue to pay so much instead of taking out of the rich who never pay what they ought?

    May 16, 2011 at 10:37 am | Report abuse |
  5. Dead Man Blogging

    Once again, we see where the wingnuts on both sides have gotten us. It's time to reject both the Pelosi Socialists and the Tea Party, and bring reasonable people back into government. And it's also time for the media to stop fanning the flames by giving all their coverage to outrageous clowns while ignoring the sensible center.

    May 16, 2011 at 11:32 am | Report abuse |
  6. Joey

    @ Dead Man Blogging:
    I agree.
    There was a time when both major political parties were more centrist.
    I think that Obama's move toward the center after the November elections has made him almost unbeatable for 2012.

    May 16, 2011 at 12:21 pm | Report abuse |
  7. Linari

    Changing the subject:

    I truly hope the fan who was taken out of the induced coma doesn't suffer any long-term repercussions.

    Take me out to the ball game, indeed.

    May 16, 2011 at 1:01 pm | Report abuse |
  8. larry

    Obama unbeatable, hardly. This is an extremely vulnerable President, if gasoline continues to rise, and there's no reason to believe it won't, Obama won't even be able to get elected as dog catcher. After one week of catching the most vilified man in America Obama's favorable rating has already begun to drop back down, remember elections always comes down to people's pocketbooks.

    May 16, 2011 at 3:33 pm | Report abuse |
1 2 3