Update: Debt Debacle - Talks go backwards as potential U.S. Sovereign Default deadline looms

Last week, we wrote about the standoff between House Republicans and the President in coming to a resolution to the debt ceiling issue. Well, turns out, almost one week on and not only has there been little to no progress on the issue, but it seems like the discussions have taken a step back from resolution.

While the bigger stories last week rested on the hopelessly unproductive debate between House Speaker John Boehner and Barack Obama, the main story of this week is that of Boehner trying to chalk out a plan that can get the support of fellow Republicans. Seriously Mr. Boehner, one week you're trying to negotiate a solution to to the debt crisis with the President and the next, trying to figure out what your (and your party's) stance on the issue is?

Obama, Republicans keep playing Chicken with U.S. Economy as August 2nd approaches

House Republicans ended discussions on raising the debt ceiling on U.S. government debt in a move that could very soon land the nation in a pretty sticky situation contemplating how to put a spin on defaulting on its sovereign debt.

The debt ceiling is a cap enforced by the Congress to keep a check on Congressional borrowing (and spending) in the same manner a degenerate gambler sets a maximum loss limit for his trip to the poker table. In keeping with the analogy, Congress has the power to arbitrarily increase the debt ceiling when it feels that it should borrow more to stay in the game and ride past its dry spell.

Welcome to The Weekly CryGest

Hello All.

Welcome to The Weekly Crygest. In the coming weeks, this blog will target selected news and current affairs events every week and post a biased, opinionated, and sometimes factually incorrect view on each matter.

We would like to state upfront that we are not responsible for any harm, whether emotional, psychological, or of any other nature, caused by anything you read on this blog (although we would gladly take credit for any fortuitous event occurring in your life after reading it).

We hope that you enjoy the articles to come and would especially value your comments and feedback on the articles to come.

Ed.