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 … Continue reading Cross Party hopes for raising US debt Limit