The August 2nd deadline slowly approaches as the date in which the US will default on it's debt, if nothing is done about raising the debt ceiling.
As a moderate liberal, I always try to give the opposing side which is the conservative base the benefit of the doubt. But when I hear that many conservatives don't want to raise the debt ceiling no matter what deal is agreed on, it makes me lose hope in this view. A default on our debt will effectively make us lose our grade A rating as a borrower, and we'll see higher interests on the same debt. Additionally, government will be shut down for at least a few days, and as Obama has warned, there's a chance that social security checks won't be sent out. This isn't even the worst of it- stock market prices will plummet and send shockwaves throughout the financial world. Ben Bernanke, Treasury secretary described the possible event as potentially 'catasrophic'. This will have a devastating impact on the economy, and some far right Republicans are in denial of this, accusing the president of "fear mongering" in order to get a deal passed. I believe Obama has been a true bipartisan in this deal brokering, offering spending cuts to social security and MediCare- the core of the Democratic Party- in exchange for revenue increases. The Republican side hasn't budged, mainly because many freshmen representatives in the House have been elected as Tea Party candidates- and have vowed in their campaigns to not raise taxes.
This is a disaster waiting to happen. The Senates' "Gang of Six" bipartisan effort has promise, but will surely fail in the House. If there is no deal by August 1st, I have faith that an emergency effort will be based on this plan.