Washington Still in Turmoil over Whether to Raise Debt Limit

The contentious budget negotiations have ramped up the partisan divide as both Republicans and Democrats hold fast to their positions on whether to raise the federal debt limit. The sticking points are more revenue increases, as advocated by the President, to go along with sharp cuts in federal spending, and spending reductions without tax increases.

The President for the first time signaled that he would be willing to accept reductions in entitlement spending, but very few details have emerged about what changes would be made to Social Security, Medicare, and Medicaid. The devil is always in the details!

The broader economic markets are still reeling from Fridays abysmal employment report, which reported that only 18,000 jobs were created, and May's numbers were revised downward to only 25,000 jobs created.

If Washington wants to reduce the size of the federal debt, then get America back to work. The nation can't afford 14 million Americans unemployed and millions more underemployed.

Washington and the President need to understand that small businesses are the real engine of job creation, but still they fail to understand this concept.

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