Driving the Day 5/16/2011
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The Middle East will drive much of the news this week. On Tuesday, the President will meet with His Majesty King Abdullah II of Jordan at the White House and will host a White House reception in honor of Jewish American Heritage Month. On Thursday at the State Department, the President will deliver a speech on the events in the Middle East and North Africa, and U.S. policy in the region. On Friday, the President will meet with Prime Minister Netanyahu of Israel at the White House.
Meanwhile, today the potential for a default moves closer as the country reaches the $14.3 billion borrowing limit mandated by Congress. Special cash management measures will delay a default until August 2. The Financial Times reports that deputy Treasury Secretary Neal Wolin is warning that if Congress does not act quickly to raise the U.S. debt limit to avoid a default, investors will punish the country and further damage its fiscal position. He recently wrote in a letter to a legislator, “[I]n the current context of the global recovery and other headwinds, this is not something we can afford to let happen or to let people think might happen.”