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Thursday, July 14, 2011

ITT defense chief cites need to act on debt limit, (NYSE: ITT)

The head of ITT Corp's (ITT.N) defense division on Thursday cited a need for Congress to resolve issues over the government borrowing limit to make sure the United States does not face a default. "It's important that there be some resolution to this issue even though it's looking a little bit grim right now," David Melcher, president of ITT's defense and information solutions business, told Reuters. Congress and the White House are at a stalemate in talks on cutting the budget deficit, with Republicans seeking spending cuts in exchange for agreeing to raise the $14.3 trillion U.S. government borrowing limit. The U.S. Treasury has said it will run out of money to pay all of the country's bills if a deal is not reached to raise the debt ceiling before Aug. 2. Moody's Investor Service warned late Wednesday that it might strip the United States of its gold-plated credit rating in coming weeks if the debt limit was not boosted.

ITT Corporation (ITT) is a global engineering and manufacturing organization. Shares of ITT fell by 1.29% or $-0.74/share to $56.52. In the past year, the shares have traded as low as $42.05 and as high as $64.00. On average, 1190280 shares of ITT exchange hands on a given day and today's volume is recorded at 1035251.