The August 2nd deadline is fast approaching and the lawmakers are scrambling to find a solution that everyone agrees so the United States debt ceiling can be raised by two point eight trillion dollars. No matter how you spell it or look at it, that is a lot of money. They have been working all weekend and thought on Saturday that they had a significant package that everyone would agree on but it did not happen.
The treasury is still saying that if something is not worked out by Tuesday, August 2, 2011, that it will run out of money and no bills will be able to be paid. This would include paying all the Veterans, people on Social Security and Disability, and many of the federally funded programs. It is a very scary time for all these people that this could affect.
They are saying that there is a more positive feeling about reaching some type of agreement today but that they are still a long way from any type of negotiated agreement. They are hoping to have something figured out by the time the Asian markets open today, which would be one o’clock in the afternoon. The White House is also saying that if the lawmakers can come up with a deal that is close to be accepted that they would accept a very short term extension of the deadline so the lawmakers can finalize the compromise.
Right now it is a “wait and see” game with the innocent American’s left wondering if they will get their money so they can pay bills and put food on the table.