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Credit Status in Doubt
Written by Mike Raley   
Monday, 25 July 2011 10:51

(RALEIGH) -- Stocks are falling, after congressional leaders failed to agree on a deal to raise the nation's debt limit to avoid default. They had hoped to reach a compromise yesterday, but those talks stalled. North Carolina Congressman David Price says we're running out of time.

"I think both sides have put together plenty of plans.  and I think I think [President Barack Obama] in particular has made it very clear that he really wants to see this default avoided."

The Dow Industrials lost more than 100 points in the opening minutes of trading Monday.

House Speaker John Boehner may unveil his own debt ceiling legislation when he meets with his chamber's Republicans Monday, but Senate Majority Leader Harry Reid says a Boehner proposal is "a nonstarter."  North Carolina Congressman David Price says, "These guys really need to get it together. I say that as a person who's not in the room.  I want to vote on something in the next few days that ensures this country will not default."

The clash is over extending the government's borrowing authority, which lapses Aug. 2. Senate Majority Leader Harry Reid says he's crafting a $2.7 trillion package of spending cuts that would also increase the government's borrowing authority through next year.  North Carolina Congressman David Price says lawmakers new to be careful with whatever plan they pass.

"The jobs aren't back. People are not at work. It needs to be calibrated so that we are not pulling billions of dollars out of this economy, either through taxes or through spending cuts."

House Speaker John Boehner plans to meet Monday with his chamber's Republicans to discuss the impasse.

Last Updated on Thursday, 28 July 2011 00:00


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