Greetings!   

With a looming August 2^nd deadline for raising the U.S. debt ceiling, congressional leaders and the White House are in the midst of a tense political standoff over the nation's fiscal direction.
 

Congressional Republicans are insisting on significant reductions in federal spending as part of any deal to raise the debt authorization limit, while President Obama and his Democratic allies are equally insistent that new sources of revenue (primarily through the closing of existing tax loopholes) are needed in order to bridge the budget deficit.  At stake is the potential for the U.S. to technically default on its debt, an unprecedented event which would have unknown but potentially far-reaching repercussions on world financial markets.  It's a standoff which at least one famous investor has criticized as an unnecessary game of "Russian Roulette."