Cross Party hopes for raising US debt Limit

Democrats and Republicans have expressed cautious optimism about the chances of raising the US debt limit by Tuesday and averting possible default. The gross public debt increases or decreases as a result of the annual unified budget deficit or surplus.

As of June 29, 2011, the Total Public Debt Outstanding was $14.46 trillion and was approximately 98.6% of calendar year 2010’s annual gross domestic product (GDP) of $14.66 trillion

Republican Senate leader Mitch McConnell commented that there was “a level of seriousness with the right people at the table” as talks continued. Senior Senate Democrat Richard Durbin spoke of “a more positive feeling”.

During the uncertainty of being able to pay troops in Afghanistan, Admiral Mike Mullen who as chairman of the Joint Chiefs of Staff currently on a visit to southern Afghanistan, said he did not know whether that would be the case if the US fails to raise the limit by 2 August. Democrats and Republicans have so far rejected each others’ proposals for cutting spending and raising the debt limit.

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