Time continues on while all US Government member still confuse on what scenario US should take to escape from default. There is still no agreement reached between Democrate Party and opposition Party of Republican. The deadline is 22 July, and if no agreement reached at that time, US is doomed to be default, its rating would be downgraded from the highest rating to the almost bottom-level and that will surely would affect Economy as Global.
While President Barack Obama insists he is focused on a comprehensive long-term deficit reduction deal, debt talks are stalled and there are just two weeks left until the United States runs out of money to pay its bills. Republican never like the idea of increasing the Tax, arguing that a Tax increase won't increase Revenue for Government (If you can't get the idea how, see Laffer Curve).
In the Senate, Democrats and Republicans are working on the fall-back plan proposed by Mitch McConnell, the top Republican in the chamber, that would authorize Obama to raise the debt ceiling in three stages through the November 2012 election. That means if the fall-back plan put in Motion, Obama will have the authority to increase debt ceiling without asking approvement from Congress.
After Greece debt crisis and almost contagious to other Europe Country (Italy especially). Worldwide financial can be said have been plunged into crisis. While stock in almost all Western Country (Europe+America) dipped, fortunately stock market in most Asian Country still see a good hope. Of course even for most of Asian country, if US goes default, that day of rising stock market would be halted for a while. Nonetheless, Gold prices hit records high on $1600. On Presumably if Bernanke still insist on QE3, we could say Gold will still a good,safe and EASY investment for many people in the world.
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