No Vote on Debt Ceiling Plan by House Republicans in Congress

Despite his best efforts to control the congress, Speaker of the House John Boehner was not able to get the House to come together for a vote on legislation to raise the debt ceiling for the United States.

In the eyes of many this hold out by many “freshmen” representatives in congress is a slap in the face to the Speaker, and reduces his authority in the eyes of President Obama. Clearly Boehner is not in control of the House of Representatives for whom he is supposed to be the leader.

Many of the first term Tea Party republicans were elected to make changes to government policy, especially when it comes to government spending. This group within the GOP appears to be drawing a line in the sand when it comes to the topic of the current U.S. debt ceiling.

Financial experts, as well as members of congress in both the House and the Senate, democrat and republican, all agree that a failure to raise the ceiling will result in catastrophic default by the United States with the inability to pay its debt. It is expected that this will result in a severe spike in interest rates, compounding the already struggling economy, and could have much greater consequences on the global economy and the country’s relationships with foreign powers like China, which hold a lot of U.S. debt.