President Barack Obama is dialing up the pressure on talks to approve an increase in the government’s debt ceiling. The President is seeking bipartisan approval to raise the current debt limit of $14.3 trillion to avoid the need to cut services and spending to which currently threatens to exceed the cap.
The agreement must be in place by August 2nd. Failure to reach a deal by that date could result in a default on upcoming debt obligations according to the Treasury Department.
Source: Bloomberg