Thursday, July 7

Obama's Debt Limit Summit about to start

President Obama called for a debt limit summit earlier this week as talks had continued to sluggishly move ahead while the deadline looms ever closer.

The summit is to be held today at 2 PM EDT at the White House.

An L.A. Times story expects that Obama seeks broad deal on entitlements, tax code in debt talks.

The story goes on to say that a deal is required or there will be catastrophic upheaval of the financial system if the nation defaults.

Warren Buffett seems to have echoed the L.A. Times writers thoughts and said Thursday that Congress is playing a dangerous game by considering not raising the U.S. debt ceiling.

You can read the article from the Bismarck Tribune - Buffett sees risks in failing to hike debt ceiling for more details on Buffett's comments and thoughts on the debt ceiling.

In her first television commercial for the republican nomination, Michelle Bachmann took aim at the debt ceiling talks. Does she understand financials better than the rest of them? Does she understand economics better than Buffett? RealClearPolitics - Bachmann Vows to Oppose Debt Ceiling Increase in First Iowa Ad

At the end of all this I took time yesterday and attempted to explain a very quick fix for our economy.

A way to get many many people back to work.

A way to start building towards the future.

New tax revenues, licensing fees and more would start flowing into the state and federal systems almost immediately.

Infrastructure could start getting the much needed repairs and growth on those "shovel Ready" programs that were talked about 1 and 2 years ago.

But, nobody would answer my questions.

Maybe I should contact Buffett and see what he thinks.
maybe Bachmann heard or read my twitter stream and that's why she is against the debt limit rise.

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