Here's what the Prsident & Treasury secretary may be able to do.

Discussion in 'Politics' started by Richard-H, Jul 13, 2011.

  1. Richard-H
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    Richard-H Gold Member

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    IF the Repugs really are dumb enough to refuse to raise the debt ceiling, The President & Treasury secretary may be able to dampen the effects of the default this way:

    Since the government collects 40% of expenditures in revenues each month, the government should pay 40% of it's debts to everyone it owes money to in cash, then pay the remaining 60% in low interest 2-year transferable government bonds.

    This way nobody will get cut off completely, the bonds can be sold, and paybacks are delayed until the next Presidential cycle. Let's see the GOP candidates say that they'll refuse to honor them!

    Of course they'll still be a major economic collapse...they stock market will drop like a rock and the very credibilty of U.S. currency wil come into question, but it'd make the whole fiasco a lot more survivable for millions of Americans.
     
  2. oreo
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    oreo Gold Member Supporting Member

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    That's basically Mitch McConnell's plan. Let Barack Obama OWN another 2.7 trillion in debt--on top of the 14.3 trillion in red ink now. :lol:

    Hey man--go for it--:lol:
     
  3. Care4all
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    Care4all Warrior Princess Supporting Member

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    isn't the debt occuring from legislation the congress has writen and passed?

    and isn't it congress that controls the purse strings?

    raising the debt limit is to cover existing debt, from legislation and programs in the system already, isn't it?
     

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