“Although Fitch continues to believe that the debt ceiling will be raised soon, the political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default,” the rating agency wrote in a statement.
The three main credit rating agencies have all warned, in varying degrees, that the United States’ rating could be cut if it hit the Oct. 17 deadline when Washington is expected to run out of cash to pay its bills.
By Catherine Boyle, CNBC.com
Wall Street Is Making Money!
National News Alert
According to Bloomberg, President Barack Obama plans to name White House Chief of Staff Jack Lew tomorrow as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.
Lew, 57, who also has served as director of the Office of Management and Budget, has been offered the Treasury post by Obama, according to the person, who asked for anonymity to discuss personnel matters.
WASHINGTON — House Minority Leader Nancy Pelosi (D-Calif.) urged the president on Sunday to drop his resistance to the idea and simply bypass the upcoming debate over raising the debt ceiling by deeming the entire cap unconstitutional.
Appearing on CBS‘ “Face the Nation,” Pelosi offered her strongest endorsement to-date of the 14th Amendment option, which holds that Congress doesn’t have the power to use the debt ceiling as a hostage-taking device because the validity of the debt “shall not be questioned.”
Simply stated in gold lettering, Office of the Speaker, above the door to John Boehner’s new office. The office of John Boehner, the new Speaker of the House is still a work in progress with paintings, souvenirs, and other memorabilia still to be put into place. Still, the new inner sanctum of the West Chester Republican leader is a step up according to staff from the old minority digs. The entrance, located only 12 feet from the entrance to the US Capitol rotunda is the seat of power for a newly elected majority in the US House of Representatives. The Enquirer/Michael E. Keating [Office should be finished today.]
WASHINGTON — A move to embarrass Democrats backfired on Senate Minority Leader Mitch McConnell Thursday as the Kentucky Republican proposed a vote on raising the nation’s debt ceiling — then filibustered it when the Democrats tried to take him up on the offer.
On Thursday morning McConnell had made a motion for the vote on legislation that would let the president extend the country’s borrowing limit on his own. Congress would then have the option to disapprove such hikes, in a fashion similar to one that McConnell first suggested during last year’s standoff over the debt ceiling.
The minority leader apparently did not think Senate Majority Leader Harry Reid (D-Nev.) would take him up on his offer, which would have allowed McConnell to portray President Barack Obama’s desire for such authority as something even Democrats opposed.
Reid objected at first, but told McConnell he thought it might be a good idea. After Senate staff reviewed the proposal, Reid came back to the floor and proposed a straight up-or-down vote on the idea.
McConnell was forced to say no.
“What we’re talking about here is a perpetual debt ceiling grant, in effect, to the president, ” McConnell said. “Matters of this level of controversy always require 60 votes.” FULL ARTICLE