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House and Senate Fight Over Debt Limits
Many economists have warned that if the credit agencies downgrade the U.S., that interest rates will rise and add fuel to the fire in regards to our sluggish economy. For the average citizen it means they would face higher home loan rates and increased costs for gas, food and traveling. According to the Lead Planet's chief economist Josh Emmons, "The inability for our government to pass a law for elevating the debt limit could be catastrophic."
Democrats and Republicans in Washington continue to battle over the methods to raise the U.S. debt ceiling. With Obama tripling the National debt in just two and a half years, it's hard to believe that members of the Senate and Congress believe they should raise the debt limit another 2 million. Obama wants a blank check and it's shouldn't be a surprise that the Credit Agencies are threatening a credit rating downgrade for the United States of America. Republicans have pushed for a balanced budget amendment, but Democrats continue to balk at the idea of new control measures being installed to our government system.
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