Who's more influential in the Republican Party - the so-called Tea Party or Wall Street and big business? The answer will be critical in the weeks ahead as the House decides whether to raise the limit on the nation's debt.
Treasury Secretary Tim Geithner warns that if the limit isn't increased by Aug. 2, the federal government goes broke. It doesn't just close down. It stops making lots of payments.
To continue paying interest on the federal debt and avoiding a default, the government will have to cut spending by about 35 percent, about $3.8 billion a day. Seniors expecting Social Security and Medicare checks will be in for a rude surprise, as will military personnel and other government workers expecting to be fully paid.
Meanwhile, America's creditors are...
Related Topics: debt limit
Source: http://www.realclearpolitics.com/2011/05/29/impending_gop_civil_war_over_debt_limit_256304.html
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