Friday 29 July 2011

US debt crisis: Speaker delays vote as Republicans fight over spending bill

The latest from the political theatre in Washington.

Markets increasingly nervous as US political parties remain deadlocked on strategy to tackle economic crisis, Thursday 28 July 2011 20.31 BST

The US debt crisis worsened on Thursday when a proposed Congressional vote exposed the extent of divisions within the Republican party.

The Republican leader in the House, John Boehner, highlighted the extent of the chaos that was engulfing Washington when he scheduled a vote for 6pm (Eastern Time) on a new bill. The proposed legislation would raise the $14.3tn (£8.7tn) debt ceiling in return for billions of dollars in spending cuts.

But the House Speaker met fierce resistance from hardline Republican conservatives who demanded even more spending cuts. To the embarrassment of Boehner, he had to postpone the vote for hours as he tried to round up enough Republicans to pass his bill.

To see the article GO HERE.

More commentary from the Guardian:

US debt crisis: Boehner's vote blunder edges US closer to the brink

Republican disarray and Democrat gloating is not a recipe for solving the US debt crisis and heading off financial turmoil

Richard Adams Friday 29 July 2011 06.00 BST

The failure of the Republican leadership to even hold a vote on its own debt ceiling proposal edges the US government closer to running out of money. Get ready for a rocky ride in the financial markets on Friday

For article GO HERE

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