It’s all over the news these days the American Debt Crisis. Will the Democrats, Republicans & Obama ever agree to raise the debt ceiling in time before the US goes into default on paying its own debt? What will happen?

Currently many Americans now have to actually use their credit cards just to buy food for their families and fuel for their cars. Their incomes are not enough anymore to cover these most basic monthly expenses due to ever growing costs through inflation. America’s Debt to GDP ratio is now over 100% with an official $15.3 trillion overall national debt. However in truth you’re not really seeing the bigger picture. ...

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The United States has exceeded the federal debt limit. The Government now has to shuffle money around. Important investments have been halted until mutual agreement over the debt limit can be resolved. The US. has until August 2nd to come up with a mutual plan to raise the debt limit.

Everyone is in agreement that the debt limit must be raised. Only problem is so far the President, Republicans and Democrats can’t see eye to eye on the solution. Let’s hope they find one fast. The head of the Federal Reserve Bank, Ben Bernanke, and the US Secretary of the Treasury, Timothy Geithner, have warned that without a debt limit extension an extremely serious large financial crisis will be expected soon. There are only a couple months to go at that time the US would be forced into defaulting on their immense national and foreign debts. The outcome would severely cripple the US dollar and the US economy while many other foreign economies also will feel the pain...

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