The market is down again today on fear that America will exceed the debt limit next week. Expect that trend to continue until the Republicans in congress vote to raise the debt limit. Failure by house Republicans to competently execute their duty could cause a debt default by America. That will have dire consequences for the economy and financial markets.
We are nowhere near a deal on the debt ceiling yet, but I have a little more confidence today than I did yesterday. Republicans are no longer trying to negotiate the Affordable Care Act or the Keystone Pipeline. Now it's about the deficit and debt reduction policies. Those are appropriate issues to include in a last minute budget and debt ceiling debate. The Democrats are going to have to come to the table.
No guarantees. I just think it may be looking marginally better today than yesterday.
No doubt there will be "consequences for the economy and financial markets"; and that is just the point. The longer we wait the worse it gets. Spending is way out of hand. abummer has cleverly used our tax dollars to buy voters for himself and his party. Now he wants more of our money.
The basic key to understanding the Republican mindset is simple: rich people don't have enough money and poor people have too much. Once one understands this, all of their actions make a (kind of) sense:cutting food stamps,unemployment, welfare,defunding the ACA, busting unions, tax cuts for billionairs and constant war. Makes sense. If only we elected Romney, none of this would be happening.