[Archive!] FOREX - Trends, Forecasts and Consequences (Episode 6: August 2011)
Republicans and Democrats finally reached an agreement last weekend to raise the national debt ceiling and cut the budget deficit. The programme aims to reduce the US federal budget deficit by $2.4 trillion over the next decade.
It is assumed that the budget deficit reduction will be carried out in two stages: the first involves cutting spending by $900 billion, and measures to reduce spending by another $1.5 trillion should be developed by the end of December by a special committee in Congress. Today, the new programme is to be approved by both Houses of Congress.
However, experts are not yet sure that the program proposed by the Democrats will be able to convince the rating agencies in the solvency of the U.S. Thus, S&P has repeatedly warned that in the absence of a viable program to reduce the federal budget deficit, the country will instantly lose its highest credit rating of AAA.
In turn, a downgrade of at least one notch would mean a sharp increase in the cost of borrowing for the country, a further slowdown in economic growth and a negative reaction of global credit markets. "The likelihood of a US downgrade is still high," LPL Financial strategist Anthony Valerie told Reuters. In his view, the rating agencies may not be satisfied with the proposed deficit reduction programme and downgrade.
The bottom is expected to update during the month in the 1.36-.38 range
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There are no winners
Now that an agreement on the US national debt looms on the horizon, it is time to see who benefits from this crisis. Obama's concessions may not give the Republicans an advantage in the coming elections because of the unpredictability of the outcome.
The Guardian
US debt crisis: an agreement is "about to be reached", but probably after the deadline
A "last gasp compromise" is looming in the US Congress. The budget cuts will, to a considerable extent, be achieved at the cost of welfare payments. The compromise deal is essentially a victory for the Republicans.
Financial Times
Our plan will save Greece and protect Europe
French and German finance ministers explain in an article the essence of the "comprehensive" package approved at the last EU summit to bail out Greece and the entire eurozone, and promise to "protect the euro", whatever obstacles get in their way.
If time runs out, Obama faces legal trouble
If Congress does not raise the debt ceiling within a given time frame, President Obama and the Treasury will find it very difficult to meet their obligations without breaking some laws passed by Congress.
The bottom is expected to update during the month in the 1.36-.38 range
(1.37) Greetings! Margaret, can you tell me how much the debt bar has been raised to?
(1,37) Greetings! Margaret, can you tell me how much they raised the debt ceiling to?
Three trillion raised and they want to cut spending by three trillion over the same period...
Obama wants to tax the rich and the oil industry and they won't let up...
Three trillion raised and they want to cut spending by three trillion over the same period...
Obama wants to tax the rich and the oil industry and they won't let it go...
(1,37) Greetings! Margaret, how much has the debt ceiling been raised?
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It is strictly forbidden to discuss trading systems and display their results in a thread: the thread should correspond to its name and purpose. All discussions of trading systems are to be found in other threads.
A primary violation of this requirement results in the removal of the post(s). Repeat offenders will result in a ban.