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

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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.

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This article was posted: Sunday, July 31, 2011 at 6:09 am







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