I almost hope that the August 2nd deadline is passed without an agreement. Obama's claims about default, higher interest rates, disaster befalling unemployment and the economy general couldn't have been stronger. From Bloomberg:
In his speech last night Obama used the term default 6 times, higher interest rates from default 3 times, unemployment, and a "deep economic crisis."
The U.S. government can avoid a default for at least a month after the Aug. 2 deadline to lift the debt ceiling set by the Treasury Department, said John Silvia, chief economist at Wells Fargo Securities LLC.
“The Federal Reserve and the Treasury can work together to generate enough cash probably for the next two or three months to avoid any kind of automatic default on the Treasury debt,” Silvia, who is based in Charlotte, North Carolina, said in an interview on Bloomberg Television’s “In the Loop” with Betty Liu. “There’s a way of getting around this issue for at least another month or two.” . . .
In his speech last night Obama used the term default 6 times, higher interest rates from default 3 times, unemployment, and a "deep economic crisis."
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Will voters hold Obama's scare tactics against him?
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