(FT) US Banks Warn Obama on Soaring Debt

Posted by Kendall Harmon

A group of the largest US banks and fund managers stepped up the pressure on Congress and the Obama administration to reach a deal to increase the country’s debt limit, saying that even a short default could be devastating for the financial markets and economy.

The warning over the debt limit is the strongest yet to come from Wall Street, highlighting growing nervousness among investors about the US political system’s ability to forge a consensus on fiscal policy.

The most pressing budgetary issue confronting Congress and the Obama administration is the need to raise the US debt ceiling, which stands at $14,300 billion.

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Filed under: * Culture-WatchGlobalization* Economics, PoliticsEconomyCredit MarketsCurrency MarketsEuroEuropean Central BankThe Banking System/SectorThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--The U.S. GovernmentBudgetFederal ReserveThe National DeficitThe United States Currency (Dollar etc)Treasury Secretary Timothy GeithnerPolitics in GeneralHouse of RepresentativesOffice of the PresidentPresident Barack ObamaSenate

3 Comments
Posted April 27, 2011 at 7:25 am [Printer Friendly] [Print w/ comments]



1. Old Guy wrote:

I have always been, am and probably always will be a Republican, but . . . hard not to smile at the irony of this statement coming from Wall Street.

April 27, 2:54 pm | [comment link]
2. Ad Orientem wrote:

The most pressing budgetary issue confronting Congress and the Obama administration is the need to raise the US debt ceiling, which stands at $14,300 billion.

I wish.  They need to swap the “b” for a “t” and add several more zeros.

April 27, 2:59 pm | [comment link]
3. JustOneVoice wrote:

$14,300 billion = $14.3 Trillion = $14,300,000,000,000

April 27, 4:28 pm | [comment link]
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