July 29, 2011 – Tea Party republican’s refusing to raise the US debt ceiling forced House Speaker John Boehner to call off a vote on his plan to avert default on Thursday night.
Boehner needs 217 votes to pass the republican plan that would extend the debt ceiling for 6 months. But Boehner is at least 6 votes short, according to reports.
“The clock is ticking toward a Tuesday deadline, when the federal government could possibly default on its obligations. Credit agencies such as Moody’s are warning of a possible downgrade. Investors are jittery and the Dow Jones Industrial Average is down so far in morning trading,” according to USA Today.
The United States will default on its debts for the first time in history on August 2, which is now just 4 days away.