http://www.government-mortgage-relief.com: Jul 25, 2011

Monday, July 25, 2011

Markets show nerves over US debt impasse -July-25-2011-

Markets show nerves over

US debt impasse

July-25-2011--WASHINGTON - US stock markets sank and gold soared Monday as there was still no sign of a plan to raise the US debt cap, eight days before the country could be forced into default. Dow blue chips fell 0.7 percent and the S&P 500 lost 0.6 percent as Democratic and Republican lawmakers remained far apart on a deficit-cutting plan that would allow the country to keep borrowing and honor its commitments.

Gold and the Swiss franc -- popular safe-havens when both the dollar and the euro are looking risky -- both jumped.

Gold pushed up to a record $1,624 an ounce before falling back slightly to $1,614, and the greenback lost 1.6 percent to the Swiss franc, buying 0.8058 francs compared to 0.8185 francs late Friday.

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America's problem is debt, not debt limit--July-25-2011-

Senate and House Still Far Apart

On Debt in 2 New Plans-
-July-25-2011--WASHINGTON –
The Democratic Senate and Republican House put themselves on a legislative collision course Monday as they moved forward with significantly different plans on how to raise the debt limit and avert a possible federal default next week. House Republican leaders pushed for a vote Wednesday on a two-step plan that would allow the federal debt limit to immediately be raised by about $1 trillion and tie a second increase next year to the ability of a new joint Congressional committee to produce more deficit reduction.
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