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Betting On American Debt Crisis: Will Barack Obama Back Down?

Whilst all has gone quiet with the News Of The World, News International, Rupert Murdoch, Rebekah Brooks and the 'phone hacking issues' and Cameron and Milliband have sloped off into the summer recess, the papers have become consumed with U.S. politics, although the complexity of the issue means that few, if asked directly, actuallly understand the complexities of it. Bookmakers Paddy Power however clearly have confidence that enough punters will be engaged in the matter to offer a book on the subject. The question being asked is, 'Will Obama officially confirm that the U.S has defaulted or are in default of any of their payment obligations on or before August 2nd 2011'. Odds of 1/6 say he wont and odds of 7/2 say he will.

The central players in this issue are President Obama and Republican Congress speaker John Boehner and their images, during this show of brinkmanship, will be dominating the press worldwide in the coming days as will be the term 'The Debt Ceiling'. The controversy over whether this self imposed credit ceiling should be raised at a time of economic difficulty above the current $14.3trillion position is the playing field on which careers will be staked in the coming days.

The raising of this ceiling has to be approved by Congress, which has a Republican majority, so Obama's request is in the hands of his enemies, thus creating an 'OK Coral' type stand-off. Neither side will want to be seen to be responsible for further economic duress in the country, neither will they want to be accused of rejecting a possible solution, especially when Presidential elections are so clearly on the horizon.

The US currently has the largest debt of any country in the world, blamed on George Bush's tax cuts and then Obama's spending to prop up the economy during the banking crisis and should they default on any of their payments, the impact domestically and globally would be catastrophic. The recent recession would be matched by a further financial crisis, that would plunge the financial markets into further turmoil.

Whilst issues across the pond often seem remote and over complicated, there is no doubt that the ramifications of this particular duel will be felt not only in Europe but its tendrils will spread further afield. A 1/6 punt that the US will not default could just be a bet garnered in the hope that mortgage rates in the UK will not increase!

US Debt Default Odds

Odds plus a host of Novelty Betting Opportunities courtesy of Paddy Power

No 1/6
Yes 7/2

Posted: Thursday, 28th July 2011
Author: Suzi Flute
Tags: current affairs, john boehner, debt ceiling, congress, paddypower,

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