Let the nation default?

[Hoffstra]

That's nonsense. There is no reason they must default on the debt. The British Empire ran a deficit for probably 100 years with no issue. The problem is not a deficit per se. The problem is teh deficit in regard to the rest of the economy. And here we are pushing the limit.
But if somehow by some miracle Obama woke up and said The deficit is too high. We need to cut it in half in the next 2 years, and then actually did that, we could go on foreever.

Its not about defaulting on the debt. Its about defaulting on our financial obligations which includes interest on the debt but MANY other things as well!!!

 

[Chris]

If someone calls you and threatens to ruin your credit, if you don't do what they want you to do, they can be arrested for extortion.

So can the FBI arrest House Republicans for extortion?

The damage they have caused the country, the deaths, the number maimed, the cost, it all goes WAY, WAY, WAY beyond extortion. Much closer to "treason".

Extortion would be easier to prove.

 

[kaz]

That's nonsense. There is no reason they must default on the debt. The British Empire ran a deficit for probably 100 years with no issue. The problem is not a deficit per se. The problem is teh deficit in regard to the rest of the economy. And here we are pushing the limit.
But if somehow by some miracle Obama woke up and said The deficit is too high. We need to cut it in half in the next 2 years, and then actually did that, we could go on foreever.

Its not about defaulting on the debt. Its about defaulting on our financial obligations which includes interest on the debt but MANY other things as well!!!

Defaulting on making welfare payments, runs shivers down my spine...

 

[Hoffstra]

I'm with you here. Harry Reid has been a "Little Napolean" from day one. He has refused to allow a vote on a budget from the day OBarry took office. Hell, we are STILL operating on George Bush's final budget nearly 5 YEARS after Georgie left office!

On the shutdown? I would like to see it shutdown for at LEAST 6 months. The longer we can keep these dogs at bay in Washington, the happier it makes me.

I mean seriously, other that OBarry trying to scare the hell out of women and children (which is about all he is good for) what adverse effect has it had on anyone? No National Parks? Big deal.

just shows how ignorant you are.

the shutdown is affecting a lot more than just National Parks.

 

[Black_Label]

If someone calls you and threatens to ruin your credit, if you don't do what they want you to do, they can be arrested for extortion.

So can the FBI arrest House Republicans for extortion?

They should be, not to mention for domestic terrorism.

 

[Hoffstra]

Agreed. Anyone who believes that this economy is "improving" is drinking the kool-aid of OBarry. There are just as many people unemployed now as there were 2 years ago. Difference? They have given up looking and are living off Uncle Barry.

our population has grown since two years ago, dumbass.

 

[Hoffstra]

You have to love it how the left is lying as always - not raising the debt ceiling has nothing to do with not paying our bills on the debt.

if we don't raise the debt ceiling, we can no longer pay all of our financial obligations.

that will cause a default.

 

[Hoffstra]

The government collects approximately $230 Billion dollars a month in taxes. The interest on the national debt is about 20 Billion a month. Why would we ever default on our national debt unless the Obama Administration decided not to pay the interest?

interest on the debt is our ONLY financial obligation???

lolol!!!!

 

[kaz]

The government collects approximately $230 Billion dollars a month in taxes. The interest on the national debt is about 20 Billion a month. Why would we ever default on our national debt unless the Obama Administration decided not to pay the interest?

interest on the debt is our ONLY financial obligation???

lolol!!!!

no, but not paying interest on our debt is what default means, dumb ass

 

[KissMy]

This is a race to the bottom, folks. Anyway you slice it up, eventually the day of reckoning will come. The government, at some point, is destined to default on its obligations. It's either that, or they hyperinflate. Or they run tyrannical protectionsit measures in order to pay creditors.

Who is the biggest buyer currently of US monetized debt?

That's nonsense. There is no reason they must default on the debt. The British Empire ran a deficit for probably 100 years with no issue. The problem is not a deficit per se. The problem is teh deficit in regard to the rest of the economy. And here we are pushing the limit.
But if somehow by some miracle Obama woke up and said The deficit is too high. We need to cut it in half in the next 2 years, and then actually did that, we could go on foreever.

Yup & we are making great strides at lowering government spending & debt in regard to the rest of the economy.

 

[Hoffstra]

no, but not paying interest on our debt is what default means, dumb ass

wrong.

not paying ANY of our financial obligations, means default.

even if we pay the interest on the debt but can't pay our other obligations, we are in default.

 

[kaz]

no, but not paying interest on our debt is what default means, dumb ass

wrong.

not paying ANY of our financial obligations, means default.

even if we pay the interest on the debt but can't pay our other obligations, we are in default.

default is a financial term and refers to financial instruments. you're redefining it so you can use is as a political term. and you are only doing that to provide a false connotation. the idea that spending money is a financial obligation is ridiculous. the only reason to do that is to mislead and scare

 

[Hoffstra]

default is a financial term and refers to financial instruments. you're redefining it so you can use is as a political term. and you are only doing that to provide a false connotation. the idea that spending money is a financial obligation is ridiculous. the only reason to do that is to mislead and scare

we owe money to various people for various reasons.

as a friend told me:

--The US government has a great many contracts in place that require it to pay for goods or services. Anything from rent to pensions to paying hospitals and doctors for Medicare/Medicaid. If any of these were not paid it would be a default.

Government issued bonds would be the last thing to not get paid, but because there is a defined term on all bonds the amount due at any given time is much greater than the interest on the debt so even these are not guaranteed safe depending on how many mature at a given time.

And as far as the debt is concerned, it's not just interest. When bonds come due, the government has to pay back the face value of the bond. Normally this is paid for by issuing new bonds.---

 

[kaz]

default is a financial term and refers to financial instruments. you're redefining it so you can use is as a political term. and you are only doing that to provide a false connotation. the idea that spending money is a financial obligation is ridiculous. the only reason to do that is to mislead and scare

we owe money to various people for various reasons.

as a friend told me:

--The US government has a great many contracts in place that require it to pay for goods or services. Anything from rent to pensions to paying hospitals and doctors for Medicare/Medicaid. If any of these were not paid it would be a default.

Government issued bonds would be the last thing to not get paid, but because there is a defined term on all bonds the amount due at any given time is much greater than the interest on the debt so even these are not guaranteed safe depending on how many mature at a given time.

The term "default" is typically used to refer to loans. While it's not technically incorrect to use it to describe contractual payments, that isn't how it's usually used. You are using it to get the connotation of how it's used and make it sound like we're going to default on national debt payments. There is no other reason for you to chose that word except to use it for that false connotation.

And as far as the debt is concerned, it's not just interest. When bonds come due, the government has to pay back the face value of the bond. Normally this is paid for by issuing new bonds.---

Yes, and they can issue new bonds to replace the ones that are due because that is a net zero.

 

[Spiderman]

Why would we default?

Our service on the debt costs about 20 billion a month we currently collect more than 10 times that a month in tax revenue.

Even with no increase in the debt ceiling we should not have a problem servicing the debt.

 

[kaz]

Why would we default?

Our service on the debt costs about 20 billion a month we currently collect more than 10 times that a month in tax revenue.

Even with no increase in the debt ceiling we should not have a problem servicing the debt.

Because they are playing word games and calling anything we don't pay "default."

See Hoffstra, again, this is why you are doing it, to provide this connotation. Quit the games. You know exactly what people think you mean when you say that.

 

[KissMy]

Its not about defaulting on the debt. Its about defaulting on our financial obligations which includes interest on the debt but MANY other things as well!!!

They are both bad for the economy but on an entirely different magnitude. Slashing 10% across the board on all government spending except for the payment on debt instruments just like the sequester did, only caused a few problems. Spending had to be reshuffled to vital parts of government to keep from harming the economy.

But you can't slash payment on debt by 10% or default on a debt without causing a near scorched earth reaction.

 

[Yurt]

If someone calls you and threatens to ruin your credit, if you don't do what they want you to do, they can be arrested for extortion.

So can the FBI arrest House Republicans for extortion?

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” he said. “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. … 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 and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”

 

[Yurt]

If someone calls you and threatens to ruin your credit, if you don't do what they want you to do, they can be arrested for extortion.

So can the FBI arrest House Republicans for extortion?

They should be, not to mention for domestic terrorism.

cite specific examples, you've been claiming this all day yet have not provided a single example

 

[Vox]

no, but not paying interest on our debt is what default means, dumb ass

wrong.

not paying ANY of our financial obligations, means default.

even if we pay the interest on the debt but can't pay our other obligations, we are in default.

default is a financial term and refers to financial instruments. you're redefining it so you can use is as a political term. and you are only doing that to provide a false connotation. the idea that spending money is a financial obligation is ridiculous. the only reason to do that is to mislead and scare

But that is what they do with all terminology - in order to confuse and redefine known subject, matters, areas, to fit their agenda.
they will substitute right for left, socialist for social and vice verse, in order to advance their agenda - the ownership of the personal freedom and totalitarian grip on power.