At this time, Monday July 25, 2011, there is still a stalemate on the budget talks even though they talked and worked all weekend. Congress is still sharply divided and the Democrats and Republicans have split into two groups hoping that they can come up with something that everyone is going to be happy about. The August 2nd deadline is fast approaching and in Europe and Asia the financial markets are uneasy. They are uneasy because the United States is facing the possibility of the first ever debt default.
What these lawmakers are trying to do is come to some sort of deal or compromise to reduce the budget deficit which in turn would let Congress raise the United States borrowing limit which right now is at fourteen point three trillion dollars. Yes, trillions, not billions, of dollars. If they do not meet the deadline of August 2, 2011 the United States will run out of money to pay the bills.
The United States has a credit rating of AAA, which is the highest any country can get, and if they default on the debt they can loose that precious rating, which is something they seem more concerned about than the senior citizens, the veterans, and whomever else gets benefit checks and depends on them to live who will not have a check coming to them. There is something definitely wrong with that picture. They are more concerned over a rating than the people of the United States.
The lawmakers have set a deadline of today to show market plans.