The fate of the economy still depends on many things that aren't under his control: oil prices, more monetary stimulus from the Fed, and a resolution of the European debt crisis.
Over the past eighteen months, I have learned (along with Jon Corzine and many others) that getting bullish about a resolution of the European debt crisis is usually a mistake.
There's over $750 billion in underwater mortgage debt in America 9% of all mortgage debt falls into this category.A significant portion of the household deleveraging left to go will involve a resolution of that underwater mortgage debt.
But Congress would vote separately on the debt limit, and even if they rejected the increase, via a "resolution of disapproval", Mr Obama could simply veto the resolution and the debt limit would go up.
In the House last week, Republicans passed a "resolution of disapproval" to stop the increase in the debt limit.
A flare-up of the debt crisis in Europe or a resolution of that crisis could turn bond traders' attention to the United States deficit.
The deterioration of Europe's debt crisis added to the downward momentum, as a resolution of Greece's problems remained elusive, raising fears of default.
A resolution of the euro crisis might at some stage involve calls for greater outlays by Britain, whose banks are exposed to Spanish and Italian debt.
This sensor provides a resolution of 0.125°C.
YouTube recommends a resolution of 320x240.
