June 24, 2011

Debt talks implode

On Capitol Hill, Congressman Eric Cantor and Senator Jon Kyl - both Republicans - walked out of meeting about raising the debt ceiling.

Republicans have said since day one that tax hikes are off the table and talks of an increase this week led to the lawmakers leaving through the door. Vice President Biden has been meeting with lawmakers hoping to reach a deal by next week to raise the 14.3 trillion dollar debt ceiling before the Treasury department runs out of money. If Congress doesn't act by August 2 default could occur, which in turn would have crushing effects on the US economy and markets around the globe.

Courtney Comstock, the editor of the Business Insider, joins RT's Kristine Frazao to talk about what that means for the US debt.


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