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

PixarBio Corp

PixarBio Corp is a specialty pharmaceutical/biotechnology company focused on pre-clinical and commercial development of novel neurological drug delivery systems for post-operative pain.

Private Markets

XY Find It

Founded by serial entrepreneur Arie Trouw, XY Findables follows a single guiding principle: customers should never lose anything important again. With over 50,000 users around the world, more than 100,000…

WayBetter

The spark hit Jamie when he saw co-workers competing to lose weight. Instead of pizzas and subs, they were eating salads and jogging along the river. Some were sneakily leaving…