By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-979190.mp3
Albnay, NY – America is tuned in to the debt ceiling crisis in Washington: several congressional websites went down in the aftermath of President Barack Obama's Monday night speech asking citizens to contact their representatives and ask for compromise on the issue. Capital District Bureau Chief Dave Lucas gathers reaction from those who monitor the pulse of the regional business community.
As the Democratic-led Senate and Republican-led House push on with vastly different plans to cut spending and raise the debt limit one week before a possible federal default, President Obama had some grim words for the Nation, warning "if there is no compromise in raising the country's debt ceiling there will be great damage".
Obama said money for things like social security checks could be impacted if a decision is not reached by the August 2nd deadline. The president backs fellow Democrats who will raise the ceiling by $2.4 trillion in exchange for $2.7 trillion in cuts. Republicans want a two-step plan, one immediately, the other in 2012 a presidential election year.
Leaders in Washington say debt ceiling votes could occur as early as Wednesday on the competing proposals. Without signed legislation by day's end on Aug. 2, the Treasury will be unable to pay all its bills, possibly triggering an unprecedented default that officials warn could badly harm a national economy struggling to recover from the worst recession in decades.
New York City Mayor Michael Bloomberg is leading the call of those who believe the debt crisis has already damaged the economy... Top senators from each party said Monday night that efforts are under way to try to reach a deal that would avoid Congress having to vote on either of the two dueling proposals.