Now even troops are warned they may not be paid with no solution to debt crisis in sight


SHARON CHURCHER
UK Daily Mail
July 31, 2011

troops

American soldiers in Afghanistan have been warned they may not be paid after President Obama failed in an 11th-hour attempt to reach a settlement over the U.S. deficit.

In a crisis that has potentially devastating consequences for the world economy, the U.S. will run out of money to pay its bills next Wednesday unless squabbling Washington legislators raise the country’s $14.3 trillion (£8.7tn) debt ceiling.

Troops fighting in Afghanistan have been told that the Obama administration is expected to make their salaries a lower priority than interest payments to foreign bond-holders.

More than $1.2 trillion of America’s vast debt is owned by China and another $328bn is owned by UK private investors and pension funds.

The Obama administration is expected to continue to pay them next month, along with pensioners.

Full article here


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