Symbol Lookup
Register | Login My Watchlist | My Account | Logout
to View Your Portfolio

Pre Market | Dow Jones | Gold | Newsletters | Learn

Republican Leaders to Approve Debt Ceiling Extension until May 19

Tuesday, January 22, 2013 9:03 AM
According to a Reuters report, a legislative language released on Monday showed Republican leaders in the House of Representative are planning to approve on Wednesday an extension of the debt ceiling limit until May 19th. Although the legislative language did not mention any specific dollar-amount which can be raised, it did say that the federal government was allowed to borrow money sufficient enough to pay its obligation in the extended period. The planned extension of the deadline is a marked change from GOP’s earlier stance when it vehemently opposed any more increase in the debt ceiling limit. The move also allows the GOP to buy some more time to put press for its demand on spending cuts at the two other budget deal deadlines. This way, the U.S. economy will not be at risk of defaulting. While the deadline to reach a resolution on automatic spending cuts issue is March 1, the cut-off date to decide on funding for government agencies and program is March 27. The U.S. treasury breached its $16.4 trillion debt ceiling limit earlier this month and has money just enough to run day to day affairs sometime between mid February and end of March. Nevertheless, top Democrat leaders are not convinced with the GOP’s plan. Assistant Senate Democratic leader Richard Durbin of Illinois said short-term debt-limit extensions would keep the business sentiment languishing in uncertainty. “I wish they'd stop playing games with the debt ceiling,” Durbin said, according to Thomson Reuters. Earlier on Sunday, Senator Charles Schumer, another member of the Senate Democratic leadership, said that the Senate would approve a budget, however, it would put emphasizes on revenue increases. This is because, budgets passed by the House of Representatives in previous two years, relied completely on huge spending cuts directed towards entitlement programs (Medicare and Medicaid).

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

Swatch, Visa launch pay-by-wrist watch ventureSwatch, Visa launch pay-by-wrist watch venture
ZURICH (Reuters) - Swiss watchmaker Swatch SA, Visa Inc and Visa Europe have launched a project that lets Visa cardholders in the United States, Switzerland and Brazil make payments with Swatch`s new ...
Fed to take up 'too big to fail' emergency lending curbFed to take up 'too big to fail' emergency lending curb
WASHINGTON (Reuters) - The Federal Reserve Board will consider on Monday a proposal to curb its emergency lending powers, a change demanded by Congress after the central bank`s controversial decision ...
China stocks open slightly lower after biggest drop since summer routChina stocks open slightly lower after biggest drop since summer rout
SHANGHAI (Reuters) - China stocks opened slightly lower on Monday after falling more than 5 percent on Friday triggered by concerns over a widening probe by regulators into brokerages. The CSI300 in...
IMF's yuan inclusion signals less risk taking in ChinaIMF's yuan inclusion signals less risk taking in China
SHANGHAI/NEW YORK (Reuters) - When the International Monetary Fund agrees on Monday to add the Chinese yuan to its reserves basket in the biggest shake-up in more than three decades, the IMF can aff...
BOJ's Kuroda warns of risk from emerging market slowdownBOJ's Kuroda warns of risk from emerging market slowdown
NAGOYA, Japan (Reuters) - Bank of Japan Governor Haruhiko Kuroda warned on Monday that a slowdown in emerging economies, if prolonged, may hurt Japanese business confidence and discourage firms from i...

Loading Headlines...

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.

{localized={en_US=Terry}, preferredLocale={country=US, language=en}} {localized={en_US=Scott}, preferredLocale={country=US, language=en}}

Terry Scott
CEO of StockMarketWatch

View Profile

Learn the Stock Market

Sharper your stock trading skills with our stock market education section.

Be a Better
Trader, Today
PreMarket PRO Our New Streaming Realtime Pre-Market Product -- Click Here to Learn More