Wednesday, July 20, 2011

Wait! No USA Debt & Budget Deal Yet! (Video) Failure would be "Lehman on Steroids" & "Financial Armageddon"

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Is the USA heading towards Financial Armageddon?

Deal or No Deal? CNN is reporting there is no budget or debt ceiling bipartisan agreement: "The facts about the debt ceiling haven't changed. There are less than two weeks left until Congress walks the Treasury Department off a cliff. And there is still no clear legislative path to avoid that outcome. House Speaker John Boehner -- who has repeatedly insisted that default is not in the cards -- said as much on Tuesday. 'You know, there are... lots of ideas out there from Democrats and Republicans', Boehner told reporters. 'But guess what? None of them have a majority.'"

No Deal = Financial Armageddon CNBC is reporting, "Former Treasury Secretary Lawrence Summers warned the U.S. faces 'Financial Armageddon' and a worse financial situation than 2008 if the debt ceiling isn't raised. 'It’s going to be Lehman on steroids,' Summers told CNBC Wednesday, on the one-year anniversary of the Dodd-Frank financial-reform law. He was referring to the Lehman bankrutpcy filing and the ensuing U.S. financial crisis. 'More important than anything else is that we protect the creditworthiness of the country by raising the debt limit,' Summers said.

Larry Summers on the Debt Ceiling Limit Discussing the USA looming debt crisis with Lawrence Summers, former Treasury Secretary. Later in the video, Summers discusses the EU debt crisis.

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