We’ve been watching the debt ceiling talks and wondering how this will all play out. Whatever the final outcome, it is likely to affect interest rates, investor confidence and the general health of the economy, all of which can impact the housing market.
It’s been frustrating not to have more information on the plans and negotiations going on in Washington. I did, however, find this informative clip and comment from Jane Wells of CNBC:
They don’t seem to be making much headway in Congress with this whole debt thingy. Rep. John Boehner says there’s “no deal” being negotiated behind closed doors.
So what is happening behind closed doors between Republicans and Democrats? I found this surveillance video.
This is probably closer to the truth than we know.
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I wouldn’t worry too much about this – it’s all political theatre designed to make spending cuts palatable to the voting public. There will be a miraculous ‘last minute’ bipartisan agreement to raise the debt ceiling. This, of course, will be accompanied by deep cuts to a variety of social programs that benefit the poor – which for many people is a highly desirable outcome.
Also, once Obama is out of office and a Republican is back in the White House the debt ceiling will be raised multiple times in the future (like it always was in the past) without a peep from anyone in government or the media.