U.S. Senate rejected the plan to raise the debt limits
The financial crisis is approaching. Only sixty hours remain before the default. This situation makes Congressmen a little more compliant, though the decision is not found yet. During the Friday Republicans and Democrats had the debate.
If the borrowing limit will not increase until next Tuesday, the United States of America can declare a technical default, warns the Ministry of Finance and Obama tries to prevent that. Though Democrats and their opponents - Republicans cannot find a compromise.
Harry Reid insists on the offer to raise the limits of the U.S. debt. He wants to increase the ceiling by almost 2,5 trillion dollars. But he needs 60 votes, than he will be able to move forward and this bill remains in question. The success of Reid’s proposal depends on his ability to find an agreement with Mitch McConnell, who is Senate Minority Leader.
Mr. McConnell said nothing about this question. Before that Republicans have voted and enacted legislation to reduce government spending and increasing debt. But the Senate refused to accept this plan, because here Democrats retain their majority. Mr. Reid commented this situation, he said that they have heard few words and Republicans do not want to say anything that could help to find the solution.
Democrats reach to compromise. President Obama urged White House, Congress and especially Republicans and Democrats that they should try to find some kind of “common ground”. He insists that they find the solution together and it should be bipartisan. Interests of both main parties should be taken into consideration, because they represent all people of the country.
Few days remain before the goverment will have to declare a default; the 2th August is a deadline.