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annual budget deficit

President Obama invited Democratic and Republican lawmakers to the White House on Thursday for talks on raising the US debt ceiling, as a deadline for action become visible. The US government risks evasion on its debt if Congress does not ratify more borrowing authority by 2 August. Republicans say they refuse to consider raising taxes, while Democrats hope to protect favored social plans

Republicans have discarded a bill to raise the US debt limit, in what forecasters describe as a bid to force government spending cuts. The chamber voted 318-97 against the bill, rejecting a call by President Barack Obama to raise the debt limit without conditions.

Posted by Dospel & GanjaParker