Obama's Default

[CrusaderFrank]

If it happens, remember, the only person who can put us into default is Obama.

We have the cash on hand to pay the debts. He needs to act like an adult and set priorities.

It's all on Obama.

Given his anti-American ideology, it's better than even bet that he will default and cause a run on the dollar and blame the Tea Party

 

[Nyvin]

Ummm...congress needs to send him a bill first.

 

[decker]

If it happens, remember, the only person who can put us into default is Obama.

We have the cash on hand to pay the debts. He needs to act like an adult and set priorities.

It's all on Obama.

Given his anti-American ideology, it's better than even bet that he will default and cause a run on the dollar and blame the Tea Party

it be whole of congress is default deep down. even if obama pays of the debt as this newspaper article points out

dollar would lead to a sharp increase in the cost of nearly everything, as more US dollars would be needed to pay for imports. The collapse of the dollar would lead to a massive increase in inflation. Filling your car might cost $200 or more. Goods would soar in price.

Equity markets would crash. The housing market would crash even more as credit would become nearly impossible to obtain.

US consumers would be obliterated nearly overnight. Savings would be wiped out due to rampant inflation and the collapse of the major North American market indexes as well as the real estate market.

Companies would be crushed by a US consumer that would no longer have any buying power. In addition, credit would dry up virtually overnight, which would force untold numbers of companies to shutter their doors.

Unemployment in the country would spike to obscene levels. The country's "safety net" would likely no longer exist. Social Security would likely be a distant memory - we've raided the Social Security piggy bank to fund the nation's deficits over the last number of years - where would the money for Social Security come from in the event of a default? The US government owes programs such as Social Security, etc. more than $4.6 trillion.

The IMF has approximately $200 billion available in lendable resources. Let's assume that the US hit the IMF up for a loan - this loan would come with harsh stipulations, as we've seen in other countries over the past couple of years. The United States would need to make extremely painful spending cuts, which would throw the entire nation into disarray.

A US default would have dire ramifications on our major countries throughout the world, and it would be very likely that there would be a chain reaction of sovereign debt defaults.

 

[ScienceRocks]

Remember, they start in congress.

lol

The republicans keep fucking around.

 

[CrusaderFrank]

Ummm...congress needs to send him a bill first.

He doesn't need a bill, he needs to pay the bill

 

[decker]

Ummm...congress needs to send him a bill first.

does not look it going to happen with guardian newspaper saying reid and mitch not talking now. You heading for default unless something amazing happens. Gulp what a nightmare.

 

[G.T.]

Ummm...congress needs to send him a bill first.

He doesn't need a bill, he needs to pay the bill

umm, no, there's not enough money to pay the entire bill.

we default somewhere, no matter what genius.

 

[ScienceRocks]

You republicans should of never want down this road. This is one stupid move you did....

Stupid dupes!!!

 

[decker]

Ummm...congress needs to send him a bill first.

He doesn't need a bill, he needs to pay the bill

umm, no, there's not enough money to pay the entire bill.

we default somewhere, no matter what genius.

Which is what i was saying. if america defaults he does not have enough money to pay of your debt

 

[ron4342]

If it happens, remember, the only person who can put us into default is Obama.

We have the cash on hand to pay the debts. He needs to act like an adult and set priorities.

It's all on Obama.

Given his anti-American ideology, it's better than even bet that he will default and cause a run on the dollar and blame the Tea Party

So Obama should accept a deal that moves the debt ceiling debate until Jan. In other words in 2 1/2 months the republicans can then take the country hostage again and we can play the same game over again. I'm curious, would you accept that kind of a deal? I don't think so.

 

[ron4342]

Ummm...congress needs to send him a bill first.

He doesn't need a bill, he needs to pay the bill

Pick up a copy of "Government for Dummy's."

 

[decker]

If it happens, remember, the only person who can put us into default is Obama.

We have the cash on hand to pay the debts. He needs to act like an adult and set priorities.

It's all on Obama.

Given his anti-American ideology, it's better than even bet that he will default and cause a run on the dollar and blame the Tea Party

So Obama should accept a deal that moves the debt ceiling debate until Jan. In other words in 2 1/2 months the republicans can then take the country hostage again and we can play the same game over again. I'm curious, would you accept that kind of a deal? I don't think so.

your right but both sides have to come to middle ground otherwise your ecnomey heading for the tank

 

[kwc57]

Ummm...congress needs to send him a bill first.

Correction, obstructionist Harry Reid needs to bring the many bills provided by the house to a vote and then send it to Obama to sign into law once it's passed. The house has been doing their job all along. It's Harry and Barry saying no. If we default, there's your problem.

 

[TemplarKormac]

Ummm...congress needs to send him a bill first.

They sent him three, idiot. All rejected.

 

[kwc57]

Ummm...congress needs to send him a bill first.

He doesn't need a bill, he needs to pay the bill

umm, no, there's not enough money to pay the entire bill.

we default somewhere, no matter what genius.

The entire bill doesn't have to be paid. You have to service the debt. Pay the interest. Tax dollars continue to roll in regardless of whether Congress raises the debt ceiling to allow the government to borrow more money to continue spending more than they make. This is no different than a wife who maxes out credit card after credit card and orders more when she hits the limit. When the husband finds out, he takes her cards away and cuts them up. Then he sets about paying off the enormous tab she's run up. You have to be responsible and live within your means.

 

[RoadVirus]

Ummm...congress needs to send him a bill first.

The House offered a sweet deal today. President Blackie and Senator Geezer said NO before the fucking ink was dry.