Source: RT/Youtube
The countdown to armadebtdon carries on and we are just 3 days away from the debt ceiling deadline. If a discussion is not reached will the US lose its AAA rating? The problem is we are not taking in enough revenue to continue spending like we are. Max Keiser of Keiser Report gives us his insight on what that means to the US.
Source: washingtontimes.com
Seeking to reclaim leadership on debt talks, President Obama on Monday night made a last-minute strenuous pitch that tax increases to be included in any deal, but Republicans’ top negotiator, House Speaker John A. Boehner, said the president himself is now the chief roadblock to reaching an agreement.
In a hastily-arranged prime-time speech from the White House’s East Room, Mr. Obama tried to rally voters to demand Republicans compromise, warning of “sparking a deep economic crisis” if the GOP doesn’t cave.
“The American people may have voted for divided government, but they didn’t vote for a dysfunctional government,” the president said in a hastily arranged prime-time speech from the White House’s East Room. “So I’m asking you all to make your voice heard. If you want a balanced approach to reducing the deficit, let your Member of Congress know. If you believe we can solve this problem through compromise, send that message.”
Source: reuters.com
Gold rose to fresh record high on Monday as talks over lifting the debt ceiling appeared to be stalling just days before the August 2 deadline, raising the prospect of a debt default.
Spot gold climbed as high as $1,622.49 an ounce versus Friday’s high of $1,607.01 and the previous record of $1,609.51 before easing back to $1,614.66 by 0007 GMT, Reuters data showed.
President Barack Obama and congressional leaders struggled late on Sunday to break a partisan deadlock on a budget deal and bullion dealers said investors were ditching stocks in favor of safe haven assets, such as gold, until the outcome of talks become clearer.
A slightly weaker U.S. dollar at the start of early trading in Asia gave gold its initial lift, though bullion continued to firm even as the greenback later stabilized, according to bullion dealers.
