Today President Obama warned that Americans
receiving social security checks might not
get their checks if Congress fails to agree
on raising the nation's $14.3 trillion debt
limit by August 2nd.
Senate Minority Leader Mitch McConnell R-Ky.
propsed giving Obama unilateral power to
boost the government's borrowing authority,
in increments, by up to $2.4 trillion, if
the president specified nonbinding spending
cuts of an equal amount.
Failure to seal a deal could spook investors,
causing the interest rates to surge and
stock prices to plummet, and could put
the U.S. at risk of another recession.
