WASHINGTON // Republicans and Democrats yesterday began working on separate proposals to raise the US debt ceiling before the deadline expires on August 2.
Both sides agree that a default is unthinkable. Nevertheless, world markets fell yesterday and credit agencies continue to warn that a limited deal that avoids default but does not address more long-term issues may not be enough to save the US's AAA credit rating.
Little headway was made over the weekend when Barack Obama, the US president, summoned congressional leaders to the White House for emergency talks. His angry summons came after John Boehner, the Republican speaker of the House of Representatives, said negotiations had stalled.
Mr Boehner suggested instead that congressional leaders would negotiate among themselves to reach bipartisan agreement. But those talks reached an impasse on Sunday.
Yesterday, Mr Boehner and Harry Reid, the Democrat Senate majority leader, instead each planned to present separate plans to their own parties.
Mr Boehner wants to promote a short-term extension of the ceiling along with a package of spending cuts that could save as much as US $3.2 trillion (Dh11.75) over two years. Mr Reid was pursuing a longer-term extension accompanied by $2.7 trillion in cuts.
Neither side was pushing for an increase in revenue in order to avoid Republican resistance to tax increases. But Democrats want an immediate debt ceiling increase of $2.4 trillion to see the government through next year, rather than a staggered one, as suggested by Mr Boehner.
Both plans fall far short of what Mr Obama favours. He had hoped to pursue a package of spending cuts and revenue increases that would see more than $4 trillion cut from the deficit over the next decade.
Such a plan, officials say, was the only way to calm uncertainty in jittery markets, address structural economic problems and assure credit ratings agencies and investors. A short-term debt limit might not be enough, Dan Pfeiffer, the White House communications director, warned yesterday
"Despite warnings that a short-term extension could lead to a credit downgrade and higher interest rates resulting in a tax increase on every American, Republicans in Congress continue to push for a 'my way or the highway' solution that could put our credit rating at risk and leave the cloud of uncertainty over the American people," he said.
Prospects for a short-term extension, however, have not impressed investors. A short-term plan amounts to little more than a "Band-Aid" that does nothing to address America's structural problems and the damage will be "real and long-lasting", Mohamed El Erian, the chief executive of Pacific Investment Management Company, a global investment management company and one of the world's largest bond investors, wrote in the Huffington Post.
The dollar lost ground in Asian markets when trading opened yesterday despite efforts by Hillary Clinton, the US secretary of state, to allay international fears.
"The political wrangling in Washington is intense right now," Mrs Clinton told the US Chamber of Commerce in Hong Kong. "But these kinds of debates have been a constant in our political life throughout the history of our republic. So I am confident that Congress will do the right thing and secure a deal on the debt ceiling."
The view from the UK was markedly less sanguine. Speaking to the BBC on Sunday, Vince Cable, the UK's business secretary, said "a few right-wing nutters" were the biggest threat to the world economy.
Mr Cable said: "The irony of the situation at the moment, with markets opening tomorrow morning, is that the biggest threat to the world financial system comes from a few right-wing nutters in the American Congress rather than the eurozone."
okarmi@thenational.ae
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
Confirmed%20bouts%20(more%20to%20be%20added)
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The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
Company%20Profile
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Racecard:
2.30pm: Hamdan bin Rashid Al Maktoun Emirates Breeders Society Challenge; Conditions (PA); Dh40,000; 1,600m
3pm: Handicap; Dh80,000; 1,800m
3.30pm: Jebel Ali Mile Prep Rated Conditions; Dh110,000; 1,600m
4pm: Handicap; Dh95,000; 1,950m
4.30pm: Maiden; Dh65,000; 1,400m
5pm: Handicap; Dh85,000; 1,200m
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Company%20profile
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The%20specs
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RESULT
Manchester City 1 Sheffield United 0
Man City: Jesus (9')
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
The%20specs
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Company%20Profile
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
COMPANY%20PROFILE
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