Breakthrough on Debt Ceiling Imminent

George Brooks |

Brooksie’s Daily Stock Market blog: An edge before the open.

Tuesday, July 19, 2011 BULLETIN 3:34 pm EDT

DJIA: 12,586
S&P 500: 1327

President Obama’s speech this afternoon strongly suggests, an accord will be reached enabling the debt ceiling to be raised averting default, as well as progress toward reducing the nation’s rising national debt going forward.

As I headlined this morning, I expect an accord to be reached BEFORE August 2, possibly this week, or over the weekend.



Obama praised the bipartisan “Gang of Six” senators today for its plan to reduce the deficit by $4 trillion over the next ten years. Of significance is the fact Tom Coburn (R-Oklahoma) has returned to the Gang after leaving due to ideological differences, i.e, he wants (IMHO) to be on board when a decision is announced.

This looks like a breakthrough. Yes, Congress can opt for default, but to its (and everyone else’s) peril.

George Brooks
sensiblesleuth@gmail.com
…………………………………………………………………………………………………………
The writer of Brooksie’s Daily Stock Market blog, George Brooks, is not registered as an investment advisor. Ideas expressed herein are the opinions of the writer, are for informational purposes, and are not to serve as the sole basis for any investment decision. Readers are expected to assume full responsibility for conducting their own research pursuant to investment decisions in keeping with their tolerance for risk

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
JEX:CA Just Energy Exchange Corp. n/a n/a n/a 0

Comments

Emerging Growth

Margaux Resources Ltd.

Margaux Resources Ltd is a Calgary based resource company. The Company is focused on its Jersey Emeral Tungsten-Zinc property located in the southeast portion of British Columbia.

Private Markets

iPRO Network, LLC

We provide the platform, tools, and resources to empower individuals and professionals to market desirable goods and services to the public, taking the place of traditional methods of commerce.

The Green Organic Dutchman

The Green Organic Dutchman Ltd. ("TGOD") produces farm grown, organic cannabis for medical use. The company grows its high quality organic cannabis in small batches using craft growing, all natural…