Australia’s upper house rejected a proposal to raise the debt ceiling to AU$500 billion ($465 billion), which if not resolved by December 12, could send the country into a US shutdown scenario.
Australian Prime Minister Tony Abbott has promised he will lift the debt ceiling of the world’s 12th-largest economy to AU$500 billion, but is facing opposition from the Labor Party and Greens, who want to cap the limit at AU$400 billion (about$373 billion).
The current limit stands at AU$300billion, which is expected to be reached by December 12, according to the Liberal-National coalition .... http://www.hangthebankers.com
