Obama made his first big mistake by giving all that stimulus money in the hopes of Wall Street bailing out America.? He didn’t then and he doesn’t believe it now that instead of giving it to Wall Street and Unions he should have given it to the people.? The people?of America had so much more at stake.? So much more?to lose.? Did Obama see this ? nope!? Now the sharks are back and the people again say no more spending and no more printing money to spend.? Will our elected ignore the people again?
A group of the largest US banks and fund managers stepped up the pressure on Congress and the Obama administration to reach a deal to increase the country?s debt limit, saying that even a short default could be devastating for the financial markets and economy.
The warning over the debt limit is the strongest yet to come from Wall Street, highlighting growing nervousness among investors about the US political system?s ability to forge a consensus on fiscal policy.
The most pressing budgetary issue confronting Congress and the Obama administration is the need to raise the US debt ceiling, which stands at $14,300 billion.
That threshold will be reached by May 16 and the Treasury department has said that in the absence of congressional action, the world?s largest economy could default by early July.