News24

Conservatives warn on debt deal

2011-08-02 08:04

Exeter, New Hampshire — Conservative groups are warning of lasting political consequences as Republican presidential candidates outline conflicting positions on the debt-ceiling compromise.

Some liken the political impact of the high-stakes fight over the nation's borrowing limit to the debate that preceded the invasion of Iraq. And interest groups promise that presidential candidates' positions will be remembered in the coming months.

As Congress works to avert a fiscal crisis, the political ramifications in the presidential field may be greatest for Mitt Romney and Jon Huntsman.

Romney, the former Massachusetts' governor, opposes the compromise deal because it opens the door to military cuts and doesn't include a mandatory balanced-budget amendment to the Constitution.

Huntsman is the only Republican candidate to support the deal, which is backed by President Barack Obama and congressional leaders from both parties.

Comments
  • william.botha - 2011-08-02 08:32

    It is a managed default.

      Bloedrivier - 2011-08-02 08:44

      agree....there's always a story behind the...uhhh...story!

      Wes - 2011-08-02 08:47

      I don't think you understand what a default is. It is when you don't pay your debts. How is borrowing more not paying you bills? I still don't understand why people always want to read between the lines. You need specific information to make any kind of judgement.

  • Met - 2011-08-02 09:28

    Given the dire consequences this debt crisis can hold for the entire world, I am surprised at the lack of interest in SA. If the US sneezes, the rest of the world gets flu, the saying goes. God help us if they get the flu, or even worse. And in the medium term, it looks almost unavoidable.

  • Duke - 2011-08-02 10:04

    @Met...It is time the US got the flu, and the rest of the world used Chinese and Indian generic's to cure it. For too long our economics are based on the fear factor. Moving away from a dolloar influenced economy would firstly free our minds and allow us not to become despondent and wait for the west to recover before we can decide our next move. The BRIC aligned economies would change the "flu analogy" in the not too distant future.

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