Will the US Default on Its Debt on 08/02/2011?

[masterblaster72 0]

Obama to meet congressional leaders over debt

is the US in denial over its debt?

So almost three years after Obama takes office, we have the same fundamental problem, and one that's only gotten worse: out-of-control spending and a massive debt. It's at the point now that we're less than 30 days from a debt default if nothing is done, and as a consequence, the world will face an economic setback that will make September 2008 look like it was no big deal.

What do you think will be the outcome? Will the US continue sweeping the problem under the rug by raising the debt ceiling, or will congress and the president come to an agreement that involves painful compromise on both sides?

Be humble, ask questions, listen, learn, follow the golden rule, talk when necessary, and know when to shut the fuck up.

[billvon 3,095]

>Will the US continue sweeping the problem under the rug by raising the
>debt ceiling, or will congress and the president come to an agreement that
>involves painful compromise on both sides?

Both have to happen. Even if we balanced the budget in a month (which is extremely unlikely) the debt ceiling has to be raised just to service our current debt.

And then the hard part - we have to keep not spending. Trying to get a handle on spending a month before we hit the debt ceiling is like an overweight teenager trying to lose 40 pounds a week before the prom. It takes years, and changes in lifestyle, and hard work to get rid of that much fat.

[lawrocket 3]

The US will default on Debt Servicing if it decides that payment of debts is not as important as paying for other things. There is little that prevents Congress from passing a law that ensures that debt service payments can continue to the detriment of other things. But it sounds like the plan is to keep everything as business as usual except for debt repayment.

Governments like playing this game. When money isn't there, find the thing that will cause the most damage and cut it. That's why we read about "teacher of the year laid off." It causes attention and a public outrage, and allows the political process to call for more funding.

On another angle, I have little dount that both sides would allow a default on debt over anything else - simply so they each can blame the other side for it. That's how politics works.

My wife is hotter than your wife.

[jgoose71 0]

Turbo Tax Tim Gietner has already said that he found a loop hole in the constitution that will allow him to just continue to make payments on the debt. It doesn't matter if they vote to raise the debt ceiling or not.

After Lybia, obama has shown that he doesn't care about the law, he will do what he wants. Why do you think the debt ceiling would be any diffrent?

"There is an art, it says, or, rather, a knack to flying. The knack lies in learning how to throw yourself at the ground and miss."
Life, the Universe, and Everything

[masterblaster72 0]

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On another angle, I have little dount that both sides would allow a default on debt over anything else - simply so they each can blame the other side for it. That's how politics works.

I can relate to the cynicism, but i think the politicians are too concerned with their self-preservation to go that far in playing politics. If the economy collapses, people would be calling for their heads, and I don't think they want that.

Be humble, ask questions, listen, learn, follow the golden rule, talk when necessary, and know when to shut the fuck up.

[mr2mk1g 10]

If something doesn't change, the place is going to look a lot like Russia in the 90's.

[DanJohnson 0]

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If something doesn't change, the place is going to look a lot like Russia in the 90's.

Well probably.
Thing is that we won't default as the Dollar is the reserve currency. We'll just fire up the presses and crank out enough to pay off .
Hurts those with no other options than the dollar (the family in the street) but it's a great option for the government and the banksters who control it.
Welcome to capitalism, plebe.

[kallend 2,131]

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Obama to meet congressional leaders over debt

is the US in denial over its debt?

So almost three years after Obama takes office, we have the same fundamental problem, and one that's only gotten worse: out-of-control spending and a massive debt. It's at the point now that we're less than 30 days from a debt default if nothing is done, and as a consequence, the world will face an economic setback that will make September 2008 look like it was no big deal.

What do you think will be the outcome? Will the US continue sweeping the problem under the rug by raising the debt ceiling, or will congress and the president come to an agreement that involves painful compromise on both sides?

The US won't default because the opinion polls clearly show that the GOP will get far more blame than the President if it does. Boehner can read opinion polls.

...

The only sure way to survive a canopy collision is not to have one.

[DanJohnson 0]

[The US won't default because the opinion polls clearly show that the GOP will get far more blame than the President if it does. Boehner can read opinion polls.

[Heatmiser 0]

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[The US won't default because the opinion polls clearly show that the GOP will get far more blame than the President if it does. Boehner can read opinion polls.

Really Proffesor?
A man of your intelligence still buying in to the Dem / Rep bull?

It is a ploy to make sure nothing is ever accomplished while giving the common voter the illusion that they can make a difference and it is their vote that is responsible for the current state of affairs.

ReaLLY?

You fall for that crap?

[DanJohnson 0]

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Quote

[The US won't default because the opinion polls clearly show that the GOP will get far more blame than the President if it does. Boehner can read opinion polls.

Really Proffesor?
A man of your intelligence still buying in to the Dem / Rep bull?

It is a ploy to make sure nothing is ever accomplished while giving the common voter the illusion that they can make a difference and it is their vote that is responsible for the current state of affairs.

ReaLLY?

You fall for that crap?

You got something better there, JimBrown, I mean er, DanJohnson? Is it easy to change the system? Nope. Possible? Not if everyone has your attitude. The people of this country have banded together in the past, and it can happen again.

[Heatmiser 0]

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Quote

Quote

[The US won't default because the opinion polls clearly show that the GOP will get far more blame than the President if it does. Boehner can read opinion polls.

Really Proffesor?
A man of your intelligence still buying in to the Dem / Rep bull?

It is a ploy to make sure nothing is ever accomplished while giving the common voter the illusion that they can make a difference and it is their vote that is responsible for the current state of affairs.

ReaLLY?

You fall for that crap?

You got something better there, JimBrown, I mean er, DanJohnson? Is it easy to change the system? Nope. Possible? Not if everyone has your attitude. The people of this country have banded together in the past, and it can happen again.

I don't know what point you are trying to make but as for myself I'm not waiting on everyone to band together.
I decided a long time ago to live as a Free Man and that is how I live.

A Free Man that, if you live in this country, you are subject to the laws of the land, and the consequences of the government, both good and bad, whether you like it or not. You can claim to live in anarchy, unaffected by our political system, but that doesn't fly in all practicality. I can close my eyes and wish with all my might that the things I don't agree with in my government will not affect me, but the ONLY way that any changes will be made is if I, and a majority of every one else, VOTE to make it so. Period.

What you say is reflective of your knowledge...HOW ya say it is reflective of your experience. Airtwardo

Someone's going to be spanked! Hopefully, it will be me. Skymama

[Coreece 190]

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Trying to get a handle on spending a month before we hit the debt ceiling is like an overweight teenager trying to lose 40 pounds a week before the prom. It takes years, and changes in lifestyle, and hard work to get rid of that much fat.

So are you like gonna run for prez or something? 'Cause the current admin seems to just wanna smoke crack and starve to death...A quick fix I suppose...

Your secrets are the true reflection of who you really are...

[masterblaster72 0]

4 days left.

Be humble, ask questions, listen, learn, follow the golden rule, talk when necessary, and know when to shut the fuck up.

[rushmc 23]

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4 days left.

Until what?

We hit Obamas artificial disaster date?

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln