America going to default

[ScienceRocks]

China could dump the trillion dollars in debt after default

 

[Interpol]

Today had nothing to do with Democrats.

This whole thing has nothing to do with Democrats.

It was the Heritage Foundation that didn't want the Republicans stupid deal today, which actually included increasing and expanding the reach of the IRS by the stupid Teabaggers. Go figure. Such hypocrisy.

The Democrats are actually just waiting patiently to vote on a clean CR while the Tea Party takes on their leadership.

 

[Mustang]

China could dump the trillion dollars in debt after default

I don't think they will. For one thing, they'll generally be able to count on a higher rate of return since interest rates will go up, and dumping it would cause them to lose money.

Of course, that presupposes only a technical default. Let's not discount the possibility that conservatives fully plan on tanking America and actually defaulting on our obligations completely. Nothing would suprise me at this point. This could get ugly VERY fast. Well, it's ALREADY ugly. I should have said it could get much uglier.

 

[Noomi]

I don't care what happens in the US, but if this shit affects us over here, and sends us into a recession, I won't be happy, and neither will anyone else.

 

[eflatminor]

China could dump the trillion dollars in debt after default

And what makes you think a default is possible?

It's isn't a lack of money. We take in 10 times the revenue needed to make the debt payments, whether or not the debt ceiling is raised.

The only way we could default is if the administration purposefully chose to not to pay. Now why would they do that? Are you suggesting Obama wants a default? I'll assume that's not the case.

So again, what makes you think a default is possible?

 

[Hoffstra]

Ok lets get over this lie about "default". There is plenty of govt revenue coming in every day to pay the interest on the debt. There is no chance of a default on the debt unless obama chooses to pay something else before the debt.

missing a food stamp payment or a gift payment to NPR is NOT a default.

STOP THE LIES ABOUT THE COUNTRY GOING INTO DEFAULT !

the USA has lots of financial obligations, besides interest on the debt.

we also have bonds that are cashed out daily.

contracts that need to be paid.

 

[eflatminor]

Ok lets get over this lie about "default". There is plenty of govt revenue coming in every day to pay the interest on the debt. There is no chance of a default on the debt unless obama chooses to pay something else before the debt.

missing a food stamp payment or a gift payment to NPR is NOT a default.

STOP THE LIES ABOUT THE COUNTRY GOING INTO DEFAULT !

the USA has lots of financial obligations, besides interest on the debt.

None of which a failure to pay would in any way constitute default by the government. Default would have a devastating effect on the interest rates for the US. Scaling back on our spending by not paying all those non-debt 'obligations' would have the exact opposite effect, just as it would for anyone that is living beyond their means.

we also have bonds that are cashed out daily.

Which always have been, and will continue to be rolled over.

Not a default.

So sorry if all your pet programs aren't fully funded. Sucks to be you I guess.

 

[Vox]

I could ask how you could have a job you stupid motherfucker. I do and i am very happy. work in marketing and have a great job

My country hardly lazy. we existed way before your country ever did mate . So take no lessons from any yanks.

not only you are an idiot leftard troll, but a brit with colonial inferiority complex

now that is funny - you are shitting in your panties because what is not going to happen in MY country, but you still huff and puff as if it is XVI century

You LOST, moron. Get used to it. You brits were creamed and had to leave - deal with it

Nope i am rather proud of my country that produced shakespere, existed way before you, great music, proper sport called football. Your a great country to but we as good as you]

Now why don,t you go into the rat hole from where you came from. I am no liberal but your a nutter who can,t take anyone not agreeing with you. You must be someone who can,t even form a conservation in real life

what a sad representation of human race you are. You worst representation of american people.

some more post-colonial inferiority complexes?

you have nothing to do with Shakespeare or music, you are just one retarded moron who still think there is no sunset in the empire

it's GONE, loser.
get used to it

 

[Vox]

China warns of consequences of U.S. default, suggests 'de-Americanized' world - NY Daily News

China has been after dumping the Dollar for a very long time. A default would really help them along.

The republicans are going to turn America into a second class nation. They're going to fucking destroy everything.

I don't honestly understand how this helps the rich? Crash and burn.

you are too dumb and brainwashed to understand anything. and the leftard headquarters did not address the issue for the parroting masses

 

[Middleoftheroad]

Ok lets get over this lie about "default". There is plenty of govt revenue coming in every day to pay the interest on the debt. There is no chance of a default on the debt unless obama chooses to pay something else before the debt.

missing a food stamp payment or a gift payment to NPR is NOT a default.

STOP THE LIES ABOUT THE COUNTRY GOING INTO DEFAULT !

the USA has lots of financial obligations, besides interest on the debt.

None of which a failure to pay would in any way constitute default by the government. Default would have a devastating effect on the interest rates for the US. Scaling back on our spending by not paying all those non-debt 'obligations' would have the exact opposite effect, just as it would for anyone that is living beyond their means.

we also have bonds that are cashed out daily.

Which always have been, and will continue to be rolled over.

Not a default.

So sorry if all your pet programs aren't fully funded. Sucks to be you I guess.

You are going on the assumption that the treasury has the ability to prioritize its payments. Seeing as how the house brought up a bill last year that would allow it to do so, and that bill didn't pass, you should be assuming that the treasury IS NOT allowed to prioritize its payments, since there is no law saying that it can.

Second, you are assuming that each and every single investor wont care. Yet, this is not how it works in the real world. If a company pays its debts on time, but fails to pay its employees, you know what that's called? Bankruptcy. They don't get to say, but but we paid our debt. Those holding treasuries will see it exactly the same way. As far as they are concerned a technical default, is still a default, and they will stop buying treasury notes, and will sell them.

A technical default will have all the same ramifications as a technical default. In fact today we have already seen a massive amount of people trying to dump treasuries, so the effect is already happening.

 

[eflatminor]

the USA has lots of financial obligations, besides interest on the debt.

None of which a failure to pay would in any way constitute default by the government. Default would have a devastating effect on the interest rates for the US. Scaling back on our spending by not paying all those non-debt 'obligations' would have the exact opposite effect, just as it would for anyone that is living beyond their means.

we also have bonds that are cashed out daily.

Which always have been, and will continue to be rolled over.

Not a default.

So sorry if all your pet programs aren't fully funded. Sucks to be you I guess.

You are going on the assumption that the treasury has the ability to prioritize its payments. Seeing as how the house brought up a bill last year that would allow it to do so, and that bill didn't pass, you should be assuming that the treasury IS NOT allowed to prioritize its payments, since there is no law saying that it can.

That would be an incorrect assumption. The treasury, by law, must pay what the Congress tells them to...and that would be to pay debt. Now I suppose Obama could try to stop that, but I seriously doubt our president would intentionally argue for default. Do you? Either way, Congress has the power of the purse. The treasury cannot cause default.

Second, you are assuming that each and every single investor wont care. Yet, this is not how it works in the real world. If a company pays its debts on time, but fails to pay its employees, you know what that's called? Bankruptcy. They don't get to say, but but we paid our debt. Those holding treasuries will see it exactly the same way. As far as they are concerned a technical default, is still a default, and they will stop buying treasury notes, and will sell them.

You have it backwards. Investors want their debt paid back first and foremost of course, but they also want FISCAL RESPONSIBILITY from those they invest in, so that future payments are assured. It is NOT bankruptcy to scale back spending, sell off assets or defund programs that are no longer viable. It's the fiscally responsible thing to do when you're living beyond your means.

If we cut spending while continuing to make debt payments in full and on time, MORE would buy our treasury notes, not less. The same is true for any company that has too much debt as it is for an individual.

A technical default will have all the same ramifications as a technical default.

In fact today we have already seen a massive amount of people trying to dump treasuries, so the effect is already happening

When government begins to reign in spending, you let us know about the effect on treasuries. Until then, we just keep piling on the debt while our "leaders" false incite panic by talking about default. THAT is what hurts interest rates and credit ratings, not fiscal responsibility.

 

[Middleoftheroad]

That would be an incorrect assumption. The treasury, by law, must pay what the Congress tells them to...and that would be to pay debt. Now I suppose Obama could try to stop that, but I seriously doubt our president would intentionally argue for default. Do you? Either way, Congress has the power of the purse. The treasury cannot cause default..

Its a correct assumption, because congress tried to tell them to do that last year, and was unable to speak (the bill failed), so as far as the treasury is concerned, no one is telling them to do anything. Until someone does, they will continue to pay bills as they always have, first gets paid first. I don't know where you are coming up with this assumption that congress has told them to pay debts first, they haven't, in fact, they specifically failed to do that.

You have it backwards. Investors want their debt paid back first and foremost of course, but they also want FISCAL RESPONSIBILITY from those they invest in, so that future payments are assured. It is NOT bankruptcy to scale back spending, sell off assets or defund programs that are no longer viable. It's the fiscally responsible thing to do when you're living beyond your means.

I agree with this, but this has also not happened. There have been no spending cuts, and there wont be any tomorrow. Not paying people you are lawfully obligated to pay, is not the same thing as spending cuts.

If we cut spending while continuing to make debt payments in full and on time, MORE would buy our treasury notes, not less. The same is true for any company that has too much debt as it is for an individual.

I agree, as long as you mean cut spending by way of passing laws to reduce spending, not cut spending by just not paying people. Its the difference of laying people off, vs employing them and not paying them.

A technical default will have all the same ramifications as a technical default.

In fact today we have already seen a massive amount of people trying to dump treasuries, so the effect is already happening

When government begins to reign in spending, you let us know about the effect on treasuries. Until then, we just keep piling on the debt while our "leaders" false incite panic by talking about default. THAT is what hurts interest rates and credit ratings, not fiscal responsibility.[/QUOTE]

This isn't "false incite panic". Investors are seeing it as it is. They are invested in a company, that has a balance sheet problem, but they aren't fixing the balance sheet, they are plunging full on into not being able to pay someone. Once again you seem to assuming that not paying people is the same as reducing spending, its not. One way, the government is legally obligated to pay these people, the other way it is not. Investors are seeing someone who is legally obligated to pay someone, but just wont be able to do it. That, is called Bankruptcy.

 

[francoHFW]

JUST another 2 PER CENT IN GROWTH FOR A YEAR- nothing to worry about...

 

[Politico]

No we won't.

 

[ScienceRocks]

The muslim brotherhood was banned in Egypt. I feel that the tea party should also be banned for harming the United states.

 

[RandallFlagg]

The muslim brotherhood was banned in Egypt. I feel that the tea party should also be banned for harming the United states.

Gee Skippy....I think liberal commies like you should be imprisoned. I would be fine with a ban on you stupid, stupid people.

Now, let's both shit in one hand and wish in the other and see which one fills up faster.

Your moronicism never fails to impress.

 

[decker]

not only you are an idiot leftard troll, but a brit with colonial inferiority complex

now that is funny - you are shitting in your panties because what is not going to happen in MY country, but you still huff and puff as if it is XVI century

You LOST, moron. Get used to it. You brits were creamed and had to leave - deal with it

Nope i am rather proud of my country that produced shakespere, existed way before you, great music, proper sport called football. Your a great country to but we as good as you]

Now why don,t you go into the rat hole from where you came from. I am no liberal but your a nutter who can,t take anyone not agreeing with you. You must be someone who can,t even form a conservation in real life

what a sad representation of human race you are. You worst representation of american people.

some more post-colonial inferiority complexes?

you have nothing to do with Shakespeare or music, you are just one retarded moron who still think there is no sunset in the empire

it's GONE, loser.
get used to it

Your the fucking stupid loser you bitter fuck. We are no empire thank god anymore but you still pretend to be one.

anyway move on mate . Your need to move on with life. You sad nutter

 

[The Rabbi]

America going to default

I understand lying like this helps to panic the masses into supporting your agenda, but it's still a lie.

For the record, our current level of federal tax revenue is more than 10 TIMES that which is necessary to make our debt payments.

The only way we default is if the current administration refuses to make that payment despite having PLENTY of money to do so.

While that's true, the gov't lacks the authority to pick and choose which payments to make. And Obama has refused that authority.
No, we are going to default and the consequences could be catastrophic.

 

[decker]

America going to default

I understand lying like this helps to panic the masses into supporting your agenda, but it's still a lie.

For the record, our current level of federal tax revenue is more than 10 TIMES that which is necessary to make our debt payments.

The only way we default is if the current administration refuses to make that payment despite having PLENTY of money to do so.

While that's true, the gov't lacks the authority to pick and choose which payments to make. And Obama has refused that authority.
No, we are going to default and the consequences could be catastrophic.

I think everyone to blame for this including obama. If you default the consquences are going to be catastrophic. Last night it looked like your rating could be downgranded due to this.

 

[LittleNipper]

If we default, they will have to auction off the White House and the Capitol. Big deal...