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Deadline Approaching To Raise Debt Ceiling

With less than two weeks to go before the August second deadline, the White House and lawmakers don’t appear to be any closer to solving the debt crisis. President Obama has indicated he might be willing to raise the nation’s borrowing limit for a few days if they need more time to come to a deficit-reduction agreement.

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Obama Dismisses House Budget Measure

With the US debt ceiling deadline fast approaching, House Republicans have passed a tea party backed “cut, cap, and balance” measure. It would put strict limits on future government spending and make it tougher to raise taxes. However President Obama has already dismissed the bill, and experts say it has little to no chance of being approved in the Senate.

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