Time grows short for debt-ceiling talks
Senate Majority Leader Harry Reid, center, and Sens. Dick Durbin and Patty Murray comment on the debt-ceiling talks.
July 1st, 2011
11:01 AM ET

Time grows short for debt-ceiling talks

Time may be tighter for the Democratic and Republican sides to reach an agreement on raising the nation's debt ceiling than the August 2 deadline would suggest, Democratic officials familiar with the negotiations said Friday.

They said they believe the White House and congressional leaders would need to come to a deal before the last week of July to get a bill done and through both houses of Congress to meet the August 2 deadline.

The officials said they are looking at around July 22 as a practical deadline.

soundoff (26 Responses)
  1. Scottish Mama

    No one knew when the note came due? Let's not have social security anymore and let the rich have tax cuts? Really republicans? Thats what the rebublicans are putting up in Missouri with the Ryan Act. Buh, Buh, Republicans.

    July 1, 2011 at 11:58 am | Report abuse |
    • Joshua

      what is starting to get old is the constant and blatant lies and distortions coming from the liberal kook fringe who will do and say anything to protect their socialist leader Obama. Raising the dept limit means printing more money which lowers the value of our money which causes food and energy prices to go up. That hurts poor people who can not afford to pay these rising costs. We need fiscal conservatives who will get the debt under control so we can get our monetary policies back from the chinese. People who argue otherwise are ignorant of the facts. We don't have to raist the debt limit if we just go back to the spending levels of 1992. We will actually have a surplus to start paying down our obligations to foreign countries. Do you want to see what's happening in Greece, England, France happen here? Keep toting the party line and we will continue to spiral out of control toward finance disaster.

      July 2, 2011 at 8:42 am | Report abuse |
    • dreamer96

      The Republican are fools, if American does not pay it's bills it will hurt the bond market and stockmarket and the big investors the most, not the average american. China will push harder for their currency as the new world currency. The super rich will buy up low priced stocks, most of the rich as a group will loose billions and never recover.... Way to go Republicans hurt the wealthy more than any new taxes.

      July 2, 2011 at 10:28 am | Report abuse |
    • Scottish Mama

      Joshua the point you are making is like so many other staunch supporters of the right, you start by name calling. The conservatives want everyone to bail out banks that the republicans deregulated again after Clinton deregulated them. The wealthy do not to pay their share, they have trained you well if you are a working Joe they are taking away workers rights so they can keep their yachts and pay the working man less. The Pharma friends of G. W. Bush are the people that have deregulated and made insuance impossible for most lower income people. President Obama will make it harder by penalizing the people he was trying to help.
      My point is they keep taking from the average joe and jane and leave the loopholes for the wealthy alone. Congress will not give them up, but want to plunder the Social Security and Medicare before they tax the wealthy, with the Ryan Act in 10 years the social security and social programs will be gone and all of us that have put into it will never see a dime. Not because it went broke but because every administration plundered it and left I.O.U.'s and never paid it back.
      Yes I see what is happening, governments have robbed Peter to pay Paul and the piper has come to call. It is not a American against American, it is Americans To hold our Government responsible for taking our dreams and giving the wealthy all the breaks.

      July 2, 2011 at 2:33 pm | Report abuse |
  2. Philip

    Like watching a 'Bernie Madoff' bunch standing around looking at each other knowing that they had better come up with some cash soon or the gig is up, this new breed of Congressional rascal.

    July 1, 2011 at 12:01 pm | Report abuse |
  3. banasy


    La di da de di
    La di da de da.
    And the beat goes on...

    July 1, 2011 at 12:50 pm | Report abuse |
  4. Philip


    July 1, 2011 at 12:53 pm | Report abuse |

    This could actually be a blessing in disguise for this country. If they fail to raise the debt ceiling, things will get so bad that the people may wise up and vote these charlatins out of office, including Barack Obama next year. Enough with these Conservative fanatics already!!!

    July 1, 2011 at 12:57 pm | Report abuse |
  6. Jean Sartre

    I'm really at the point where I am sort of hoping that no type of deal is reached in this mess, largely because any kind of deal is simply going to be pretty damn harsh for the middle class in general; somehow we are always the ones, along with the poor, who end up with a huge empty shaft.

    Let’s NOT have a deal; let the bankers, Wall Street, the multinational corporations, et al simply fail… at least this way the entire world, because we live in a global economy, will all go down together…

    Perhaps something far more equitable for the middle class and the poor could arise from the ashes.

    After all, neither the middle class nor the poor created this devastating mess!

    July 1, 2011 at 1:15 pm | Report abuse |
  7. banasy

    The POTUS is a charlatan and a conservative fanatic?

    July 1, 2011 at 1:33 pm | Report abuse |
  8. Philip

    We all feel it coming Sartre. Well, all of us except the ones consuming mind-altering substances that is. And since it's a fact that we spend more on drugs than we do on national defense, that leaves very few clear-minded individuals left who can not only feel it coming, we can see it. If you think that crooked Government's can lead mankind straight into the future, think again. Or go take some drugs.

    July 1, 2011 at 1:39 pm | Report abuse |
    • Lyndsie Graham

      Actually Philip, we spend way too much on defense although we haven't defended anything since 1945 unless you count South Korea, of course. For instance, we have an air force 5 times greater than we need and a navy at least 6 or & times that large. And we certainly don't need troops in Germany, South Korea nor that country whose name starts with a J., but you can't tell the idiots in Washington that!!!

      July 1, 2011 at 2:18 pm | Report abuse |
    • Susan

      We're defending corporate investments around the world.

      July 1, 2011 at 11:13 pm | Report abuse |
  9. fernace

    I had a comment but after reading every1's posts I'm at a loss.Let me regroup! OK, the wasabi peas I'm muching right now are clearing my head,( Phillip). Here's my theory: when my family moved here decades ago, the middle class ruled. People lived in nice homes or apt's, owned 2 cars, 2 or more TV's & phones & most moms stayed home or had part time jobs. Now the middle class family is crammed into a 1 bedroom apt. with 1 car&/or bus system, both parents work, & many live on credit, a.k.a. in debt. Back then, there seemed to be more bi-partisan co-operation between the parties. Now it's clear the GOP has made a deal with the de.v.il. The Dems who haven't changed their m.o. seem confused & a bit jello spined, those who have are making their own deal with the dark prince. Gov's always have corruption going on, but now more than ever. So, maybe it's best to wipe the slate & start over, but are y'all ready for the fall out?!?

    July 1, 2011 at 3:31 pm | Report abuse |
  10. banasy

    I prefer to think of the glass as half full.
    If that makes me an eternal optimist, so be it.
    I also don't believe that our gov't drugs us to keep us docile, Philip.

    I love wasabi peas, fernace.
    They do tend to clear the sinus' right up, don't they?

    July 1, 2011 at 4:06 pm | Report abuse |
  11. Philip

    Nobody said anything about Uncle Sam drugging US banasy. *napalm* errr *facepalm* With expanded healthcare comes expanded drug use. The last thing this country needs is more drug use of the mind-altering variety.

    July 1, 2011 at 6:28 pm | Report abuse |
  12. Philip

    @furnace...I think you may have that backwards. The (D) and (R) used to fight like cats ands dogs back in the day, and if you go back far enough, you'll find them pacing away from each other, turning around, and shooting at ea. other! No, what we have today is the body of an (R) with the head of a (D). One big machine bent on feeding the bottomless bellies that we are. Sorta like Animal Farm 2: The Pig's have united.

    July 1, 2011 at 6:37 pm | Report abuse |
  13. fernace

    Well, there seem to be many opinions as to whats going on & how we can fix it. 1 thing is true, wasabi peas clear the suffing out of sinuses. Just don't rub your eyes! Shout out to banasy & Phillip!!

    July 1, 2011 at 8:51 pm | Report abuse |
  14. banasy

    You have before, so don't deny it. Just because you haven't said it *today* (ha!***) doesn't mean you haven't said it before. So there! (Stamps foot)

    Shout outs to ya backatcha!

    July 1, 2011 at 9:00 pm | Report abuse |
  15. Susan

    To all the imbeciles who think defaulting is no big deal:

    From Paul Krugman:

    "...Failure to raise the debt limit — which would, among other things, disrupt payments on existing debt — could convince investors that the United States is no longer a serious, responsible country, with nasty consequences. Furthermore, nobody knows what a U.S. default would do to the world financial system, which is built on the presumption that U.S. government debt is the ultimate safe asset.

    But confidence isn’t the only thing at stake. Failure to raise the debt limit would also force the U.S. government to make drastic, immediate spending cuts, on a scale that would dwarf the austerity currently being imposed on Greece. And don’t believe the nonsense about the benefits of spending cuts that has taken over much of our public discourse: slashing spending at a time when the economy is deeply depressed would destroy hundreds of thousands and quite possibly millions of jobs..."

    July 1, 2011 at 11:41 pm | Report abuse |

      In fact Susan, if we fail to raise the debt ceiling and default, this country could be thrown into the greatest depression it ever saw and may never recover. It appears that the right-wing thugs on Capitol Hill just don't get it!!!

      July 2, 2011 at 9:24 am | Report abuse |
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