These are just the very immediate, very theatrical outcomes. Obviously, over any longer term, you'd have issues from bankrupt vendors stopping work funded with federal highway money, forgone maintenance on things like levees and government buildings, and so forth. Averting any of these things would require at least small cuts in Social Security, Medicare/Medicaid spending, or military payrolls.
Now, maybe you look forward to these outcomes. There are certainly some on this list that I would be okay with. But because I am not delusional, and I did not fall off of a turnip truck last night, I recognize that the American public does not agree with me, and that if any of these things happen, they will freak out and besiege their local representatives. And as we can see from the examples in the New York Times article, when faced with demanding constituents, the new face of the GOP is not quite as steely-minded on the subject of spending as we have been told.
Nor, realistically, can they be: as I've said before, if they did hold out, the only thing that would happen is that they would be unelected in 2012. The tea party is not a majority. If you piss off every single other constituency in the United States, they will gang up against you, and they will win. Welcome to representative democracy.
I keep reading that the debt ceiling falling is no big. August 2nd is just some arbitrary date that the scaremongers picked. My question is, where on earthdid you get that stupid-ass ideadid that opinion come from.
I keep reading that the debt ceiling falling is no big. August 2nd is just some arbitrary date that the scaremongers picked. My question is, where on earthdid you get that stupid-ass ideadid that opinion come from.
The most interesting thing I heard: a fresman Republican in the House said "well, we may not be able to pay government workers or contractors..." Correct me if I'm wrong, but I thought that contractors were private businesses. What happens when they don't get paid? I don't think it's a stretch to think that they'll lay off the people working on these contracts.
Does adding to the rolls of the unemployed actually sound good to him?
Peoples perspectives become relevant and informed and oh so right...based on the letter behind the politicians name. Talk about stupid assed...
…the United states could be forced to default on its obligations for the first time in its history.
This country now possesses the strongest credit in the world. The full consequence of a default--or even the serious prospect of default--by the United States are impossible to predict and awesome to contemplate….The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.
It's ridiculous
I guarantee you...like...rock solid...all your dreams come true if Im wrong (but no way I am) guarantee...if this was president McCain banging the drum for a debt ceiling increase the majority of liberals today supporting raising the debt ceiling here would be opposed to it. When people ask "where do you get the idea" the answer is obvious...they get it from the spin doctors that spoon feed them what they know they want to hear.
I am totally opposed to raising the debt ceiling. Its exactly the opposite of what should be done. We should be targeting massive cuts AND tax increases. The debt ceiling should remain intact. Yes...it might sting. Its going to sting. Decades of fiscal stupidity and voter enabling is going to require some real pain to change. There is still ample resources to pay interest, medicaid, social security, and defense. EVERYTHING else should be on the block starting with congressional budgets, foreign aid, every non-critical expense.
In a conference call after the meeting, Boehner told rank-and-file Republicans that he hoped to be able to announce a "viable framework for progress" by 4 p.m. today, before the stock markets open in Asia, according to two participants. Lawmakers fear a big drop in investor confidence in U.S. stocks and bonds could start in Asia and sweep toward Europe and the Americas, causing U.S. stock values to plunge Monday.
I guarantee you...like...rock solid...all your dreams come true if Im wrong (but no way I am) guarantee...if this was president McCain banging the drum for a debt ceiling increase the majority of liberals today supporting raising the debt ceiling here would be opposed to it. When people ask "where do you get the idea" the answer is obvious...they get it from the spin doctors that spoon feed them what they know they want to hear.
I am totally opposed to raising the debt ceiling. Its exactly the opposite of what should be done. We should be targeting massive cuts AND tax increases. The debt ceiling should remain intact. Yes...it might sting. Its going to sting. Decades of fiscal stupidity and voter enabling is going to require some real pain to change. There is still ample resources to pay interest, medicaid, social security, and defense. EVERYTHING else should be on the block starting with congressional budgets, foreign aid, every non-critical expense.
And they'd be wrong. Raising the debt ceiling is the right thing, we don't need to sacrifice our way of life for a rash way out of our debt problem. This will be a long process solving the debt, we can't do it over night. We shouldn't try to, it would be irresponsible.
So you guarantee that something would be the case, if the facts where not what they are? Don't go out too much on a limb, stick to safe stuff like predicting things what would happen in imaginary situations. Since reality is what it is, it might be best to stick with that instead of what you imagine things would be like in some imaginary world.
Name ANY other situation where the answer to solving your problem is to put yourself into a deeper hole. To CONTINUE to do MORE of the things that screwed you up in the first place. No...we CANT do it overnight. Nor should we try. We CAN hold the line on debt...stop expecting future generations of children and grandchildren to be responsible for our current stupidity. There is enough money brought in every month to avoid defaults.
Both sides are playing election 2012 chicken.
Name ANY other situation where the answer to solving your problem is to put yourself into a deeper hole. To CONTINUE to do MORE of the things that screwed you up in the first place. No...we CANT do it overnight. Nor should we try. We CAN hold the line on debt...stop expecting future generations of children and grandchildren to be responsible for our current stupidity. There is enough money brought in every month to avoid defaults.
Both sides are playing election 2012 chicken.
Come now...you yourself have seen the immediate kneejerk defense of partisan platforms. Both sides do it and you would be a liar if you said it wasnt the case.
Name ANY other situation where the answer to solving your problem is to put yourself into a deeper hole. To CONTINUE to do MORE of the things that screwed you up in the first place. No...we CANT do it overnight. Nor should we try. We CAN hold the line on debt...stop expecting future generations of children and grandchildren to be responsible for our current stupidity. There is enough money brought in every month to avoid defaults.
Both sides are playing election 2012 chicken.
Economists and political observers warned that if a deal was not struck before tonight, the financial markets could begin to tumble as investors lose confidence in the political and economic systems of the United States.
“Right now, investors are scrambling to figure out how to protect themselves against a default,’’ said Michael Greenberger, a professor at the University of Maryland and former director of trading and markets of the Commodity Futures Trading Commission. “Nothing can happen short of an invasion of the United States or a detonation of a nuclear weapon that would more destroy the well being of the American people.’’
If the markets do react strongly - as soon as tonight in Asia and tomorrow morning in New York - some fear the sense of crisis could mirror what occurred three years ago when the demise of Lehman Bros. and the upheaval of the credit and mortgage markets forced Congress to consider a federal bailout of financial titans. The resulting Troubled Asset Relief Program was voted down by the House in September 2008, and the markets plunged. By the end of the week, Congress passed a version of the bill.
Quick quiz. Who said this?
“The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. … Increasing America's debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”
Musta been Paul Ryan, right?
It's ridiculous
…the United states could be forced to default on its obligations for the first time in its history.
This country now possesses the strongest credit in the world. The full consequence of a default--or even the serious prospect of default--by the United States are impossible to predict and awesome to contemplate….The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.
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