Debt ceiling: 15 days and counting
July 18th, 2011
08:26 AM ET

Debt ceiling: 15 days and counting

Only 15 days remain until the August 2 deadline that Treasury Secretary Timothy Geithner has said is the latest the United States can pay its bills before raising the debt ceiling. After days of high-profile negotiations that appeared to hardly move the needle on a deal, it's back to the drawing board this week.

As of now, no White House pow-wows with the president and congressional leaders are on the official schedule, though White House advisers say that could easily change. It's also unclear the extent to which the president engaged in the issue over the weekend.

The latest from CNN's Tom Cohen:

Washington (CNN) - President Barack Obama and congressional leaders will continue to negotiate a possible deficit reduction deal this week to clear the way for congressional Republicans to back an increase in the federal debt ceiling.

While discussions continued over the weekend after the last full negotiating session Thursday, no significant progress has occurred and the chances for a comprehensive deficit deal sought by Obama in coming weeks appear remote.

Without a major deal, Congress would have to focus instead on a smaller agreement to raise the debt ceiling or face the unprecedented situation in 15 days of the government not having enough money to pay all its bills. The debt ceiling has reached its $14.3 trillion legally permitted maximum.


soundoff (7 Responses)
  1. James B

    This is news? Where is the actual research in the reporting? America is being dumbed down by media outlets that continue to cater to titillating non-news. How about reporters dig a little deeper: for instance, how do other countries see this issue; commission a study that simply asks "should US cut deficit with spending only or spending and tax cuts" and see how it shakes out; interview economists (not TV pundits) and let’s get a more insightful understanding of debt/deficit; identify a family and how the debt, if not raised, may affect their finances and job opportunities; explain how partisanship that is evident in the legislature has creeped into the Supreme Court and what that may mean to healthcare and campaign financing. In short, provide some depth and link some of these issues so that the "average Joe" has an idea what's going on. Putting a picture of the debt clock and stating we have 15 days before Armageddon is just plain lazy.

    July 18, 2011 at 9:06 am |
  2. Hope Rabideau

    Thank you for sleeping good at night to our politicians. I'm really thankfull that they think they can rest their heads knowing they could put alot of people out of their homes, and without their meds. You know, back in the day, people worried about the small things, that prehaps might have seemed big to them, but compared to now I think most of us would prefer the simple things to worry about. Amazing how, the common people of this great nation is the backbone, and yet, we are the ones that going to hurt the worse, if the people on capitol hill can't figure this out. I really appreciate the opportunity to worry all the time, because you guys up there think it's ok to play with the "real" workers of this country.

    July 18, 2011 at 10:09 am |
  3. Zigma

    Mr. President:
    I hope that you are now realizing the forces that you are dealing with. These are the Neo-Confederates, who are nothing bur White Supremacists. Even the best President of the United States, Abraham Lincoln, wanted to exterminate their progenitors because they don’t have any other vision for humanity, other than an Arian controlled slave society. This was true in the nineteenth century as it is today. The beast has not changed. One of the last things that they would like to see is a person of color succeed in running the US economy, which they have badly mismanaged in the past four decades.

    These guys are so blinded by their ideology that they fail to realize that you are the last chance for America to get its house in order. If they succeed in obstructing your success, and facilitate another Republican Cowboy idiot into power; the United States and the Western European nations (who are currently in a free fall) will never again recover from the economic collapse and social upheaval that will follow.

    July 18, 2011 at 10:15 am |
    • Jay in NC

      A little melodramatic aren't you. News flash, the Civil War ended over 140 years ago. Wake up, debt is a form of slavery.

      Each citizen of the USA is in debt over $45,000. Your president is spends over $13,000 per year on each citizen. Imagine this, if you are in a family of 4, that is $52,000 a year.

      July 18, 2011 at 11:19 am |
    • John

      So – you have called people like me "White Supremacists", "Neo-Confererates", someone who wants "Arian Controlled Slave Society", blinded by ideology" – because I do not agree with your (or the current presidents) policy choices? I know what I am and I know I respect people and treat them as I would want to be treated. – From your comments, I know what you are. Society would be better off without people with your type of attitude you displayed in your two short paragraphs.
      The president has said "everything is on the table", but we all know he can't even list one entitlement that he would cut. We also know Obamacare is not on the table. We also know the billions left over in unpaid stimulas is not on the table.

      July 18, 2011 at 11:27 am |
  4. Alex Votocracy

    15 days to reach a deal no one is going to like. This is what's wrong with the system today. What would you do about the deficit? Collectively, the citizens are stronger than Washington. Weigh in on this week's polls: 

    July 18, 2011 at 7:05 pm |
  5. Liz Carter in Georgia

    Zigma, Good comment. That is the truth. That's been my belief all along. I've put it out here all along. I fully agree with you 100%. Thank you for your well-worded, beautifully stated, truthful post.

    July 19, 2011 at 10:56 am |