In just over a month the U.S. will reach its credit limit if members of Congress do not vote to raise the $14.3 debt ceiling. Investors and executives on Wall Street are secretly starting to worry, as Politico's Ben White reports in his daily Morning Money note.
"Wall Street executives and their lobbyists have been meeting quietly with members of Congress -- especially reluctant House GOP freshmen -- to urge that they vote in favor of raising the $14.29 trillion debt limit as quickly as possible and not risk a huge spike in interest rates, a possible collapse in equity markets and a rash of bank failures," writes White.
After years of deficit spending, the time has finally come for the country to get serious about its mounting debt and yearly budget deficits. This year the U.S. will rack up a $1.5 trillion bill, or 9.8% of gross domestic product, according to the Congressional Budget Office.
The big question these days is how we're actually going to work our way out of the red.Read More »from Congress Should Enact a Balanced-Budget Policy: Investment Manager Matthews