Malloy: Debt Ceiling Stalemate Could Be “Cataclysmic”

HARTFORD, Conn. (AP) _ Gov. Dannel P. Malloy says he fears a failure by Congress to raise the debt ceiling could have a “cataclysmic” impact on the nation and Connecticut.

Malloy said at a news conference after a State Bond Commission meeting that he is particularly worried about the potential impact on the state’s bond market and insurance rates.

Malloy says he is hopeful for a solution and says raising the debt ceiling appropriately could avoid disaster and lead to an influx of cash.

Congress is tied in knots over whether and how to raise the country’s debt limit before a deadline next week.

Failure to reach an agreement could spike interest rates and lead to global financial woes.

     (Copyright 2011 by The Associated Press.  All Rights Reserved.)

  • PETE

    DANNY BOY is a clown. How much more BONDNG did this clown just authorize. The state is bankrupt just like the FEDERAL Gov’t and this JA continues to borrow. This clown keeps saying he cut spending WHERE DANNY BOY YOUR YES YOUR BUDGET INCREASES SPENDING BY $1 BILLION YES BILLION OVER TWO YEARS and you call this a spending cut. This clown says our overpaid underworked PUBLIC employees are giving concessions of $1.6 BILLION. THAT IS A BOLD FACE LIE SINCE DANNY BOY IS A PATHOLOGICAL LIAR ACCORDING TO JOHNNY BOY. How is a suggestion box with a BS estimate of $200 million is savings a concession if there are no LAYOFFS DANNY BOY. I’M WAITING FOR THE SHARED SACRIFICE DANNY BOY. OH DANNY BOY I ESTIMATED MY GIFT TO YOU IS AT LEAST $2,000/YEAR SO GUESS WHAT, CHARITIES WILL BE SHARING IN YOUR SHARED SACRIFICE.

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