U.S. chamber of commerce urges congress to raise debt limit

[Smilodonfatalis]

House Strategy Tees Up Showdown Over Budget, Debt Limit | PBS NewsHour

Businessmen know what would happen, if the U.S. defaulted on its debt.

It would cause an immediate worldwide depression.

The majority of people in the U.S. are actually against raising the debt limit, but this is only because they are ignorant beyond belief. They have no idea what a financial disaster it would be.

The Tea Baggers who are threatening to destroy the economy because they didn't get their way on one issue are too stupid to hold office. Shame on the ignoramuses who voted for them.

 

[waltky]

Obama says dey's gonna be worldwide repercussions...

Obama Scare on Debt Limit: 'The Whole World Will Have Problems,' But, 'There Will Be No Negotiations'
October 4, 2013 -- Speaking in suburban Maryland on Thursday, President Obama continued to spread fear about the consequences of not raising the debt ceiling.

He noted that the U.S. has never before failed to raise the debt limit: "And you know, the United States is the center of the world economy, so if we screw up, everybody gets screwed up. The whole world will have problems, which is why, generally, nobody's ever thought to actually threaten not to pay our bills. It would be the height of irresponsibility." But in the next breath, the president said he will not negotiate with Congress, even though everybody will get "screwed up" and "the whole world will have problems." "And that's why I said this before. I'm going to repeat it. There will be no negotiations over this," Obama insisted.

Democrats worry that Republicans will attach spending cuts to any debt limit deal, just as they have insisted on Obamacare restrictions in any stopgap funding bill. A few hours later, White House spokesman Jay Carney said Obama isn't trying to scare the American people when he talks about the dire consequences of not raising the debt limit, but he does think they should be worried. On Wednesday, Obama told CNBC, "This time, I think Wall Street should be concerned."

Fox News reporter Ed Henry asked Carney, "Don't presidents in both parties usually, in times of crises, try to calm the public down? Why are you trying to get the public more scared?" "What -- we're not. We're not -- just providing them with the basic facts," Carney replied. "You want them to be more worried," Henry said. "They should," Carney said. "Ed, you can go on -- I encourage you to test how it plays, if you go on the air and say, America, chill out; default's not a big deal. It is a big deal, and the American people need to know that."

Another reporter pressed Carney about Obama's apparent "goading" of the stock market, which ended up dropping below the 15,000 level on Thursday: "He is -- he was simply stating a fact," Carney said. "In 2011, when Republicans flirted with default, there were negative consequences, many of them -- slowed down growth, slowed down job creation, a hit to the markets and a downgrading of our credit rating for the first time in the history of this country. That is the least of what would happen if we actually defaulted. It -- the president's obviously also carrying the responsibility of informing the American people of the truth, and that is the truth."

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