Another Skittless Summer
If it weren’t for American-owned foreign manufacturing, it would probably slide further and quicker. Services are sagging, because oil is still high despite the month-or-so-long slowdown. And the dollar remains low, of course.
There’s plenty of time before the August 2nd default. Maybe the Democrats and Republicans will agree to cut all of the social program and public education spending before then without looking forward so much to the usual, post-default, downward currency adjustment (by half or so).
Geithner warns Congress on need for debt boost, extends default deadline
http://www.freerepublic.com/focus/f-bloggers/2713846/posts