Debt Ceiling Debate May Be Good For Western New York

July 26, 2011 Updated Jul 26, 2011 at 12:34 PM EDT

By Jaclyn Asztalos

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July 26, 2011 Updated Jul 26, 2011 at 12:34 PM EDT

Buffalo, N.Y. (WKBW)- The debt ceiling discussion is deadlocked at this time. This is causing investors to shy away from the U.S. dollar but the Canadian dollar is trading at the highest level in four years.

The Loonie climbed a third of a cent, Monday, to reach its highest value since November of 2007. Any increase in Canadian currency is positive for Western New York retailers and exporters because it brings Canadian shoppers to Buffalo's malls and shops. Local companies have also found it easier to sell products across the border because an upswing in the Loonie makes U.S. goods less expensive in Canada.

Meanwhile in Washington, nerves continue to rise as the debt ceiling deadline approaches. Monday, President Obama called for Americans to put pressure on elected officials to work out a compromise to raise the federal debt ceiling but Republicans are saying they won't let that happen.

"The sad truth is that the president wanted a blank check six months ago and he wants a blank check today. This is just not going to happen," Republican House Speaker John Boehner said.

The president said if Congress doesn't raise the debt ceiling by August 2nd, it could cause problems for all Americans.

"The only reason this balanced approach is not becoming a law right now is because a significant number of Republicans in Congress are insisting on a cuts-only approach," President Obama said.

Officials also warn that without an increase in the debt ceiling, the Federal Government is not be able to pay its bills next month. The president also said social security checks will not be mailed out in time.