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Us debt ceiling

A lot of talk and anxiety on capitol hill about the US debt. Seems like decisions can not be made and apparently are not even close on what to do. Obama walked out on a key meeting yesterday. However, if future expenditures are not cut and the debt is not balance the US can see a credit rating downgrade. This will mean that borrowing will become more expensive and this in turn will trickle down to businesses and people in general who need loans, credit, etc. A rise in gold even today seems to indicate people are hedging for this. Not only that but a government stop would have an immediate economic effect. Government checks would not be issued to employees, no social security checks etc. They are meeting today again in Washington, lets hope we can see some progress, better yet, solid and agreed upon legislation to fix this.


Also check out my friends blog on this same issue and my guest post video:
http://johnrosedotorg.wordpress.com/2011/07/18/will-america-default/