Raise the Debt Limit? That's the WRONG question.

[DontBeStupid]

If someone is not going to get paid that's fine.

Except, that that someone could be a retiree on Social Security. Or a patient with Medicare. Or a company with a government contract that will not have revenue to make payroll and will lay off workers. ALL of these are bad and ALL of these could happen and ALL of these would lad to a lowered credit rating (which for those who don't know, is not a good thing).

Some of us are willing to roll the dice on the economy like you are.

 

[DontBeStupid]

August 2011 figures?

LOL!

No.

I have them committed to memory.

You could admit you asked a phony question. But you won't.

I would admit it if I had done it. But I didn't. Again, you post with no numbers to back up your statement. You seem to be under the impression that whatever we bring in in revenue will be enough to cover our obligations. But you don't know that for certain and don't seem to care to find out for certain.

Who does that? Do you hate Obama that much that you don't care what happens to your country?

 

[Ravi]

If no one is getting paid, who will collect the revenue?

 

[Liability]

August 2011 figures?

LOL!

No.

I have them committed to memory.

You could admit you asked a phony question. But you won't.

I would admit it if I had done it. But I didn't. Again, you post with no numbers to back up your statement. You seem to be under the impression that whatever we bring in in revenue will be enough to cover our obligations. But you don't know that for certain and don't seem to care to find out for certain.

Who does that? Do you hate Obama that much that you don't care what happens to your country?

You DId do it, though, but you didn't admit it.

August figures are not available as you either know or should know.

The projections and budget numbers are done on an annual basis, not generally speaking on a monthly basis. If you have access to authoritative figures calculated on a MONTHLY basis in advance, I'd love to see them. But as I say, your question is phony.

I don't hate President Obama, either. I detest his mindless and rather dishonest politics.

So why not stop saying shit when you don't know what the fuck you're talking about? Really, that's sage advice. Take it to heart.

When was the last time you were serious about the nature of the THREAT from our idiot policies regarding the budget?

http://crfb.org/sites/default/files/CRFBLongTermRealistic_Baseline.pdf

 

[DontBeStupid]

And what of the obligations on the State level? States get a lot of money from the Fed and also are in debt themselves.

Excellent point! Last I remember, the "red states" get quite a bit of money from the Federal level. That money could basically stop after Aug 2 if there is no deal.

I wonder how long the GOP would let that go on.

 

[Liability]

If no one is getting paid, who will collect the revenue?

Come on Ravi.

People will be getting paid. SOME people might not be, actually, but the government has long had a contingency plan in place for a government shutdown. It wouldn't be the first government shut down, you know.

Social security checks WOULD go out and the IRS agents WOULD continue to collect money.

The Department of Justice would remain open. FBI agents would still be working. The courts would remain open and running. congress (God help us) would remain operating as would the majority of the Executive Branch and the damn bureaucracy.

 

[DontBeStupid]

People will be getting paid. SOME people might not be, actually, but the government has long had a contingency plan in place for a government shutdown. It wouldn't be the first government shut down, you know.

How many times has the government shut down due to an inability to borrow money?

 

[Liability]

People will be getting paid. SOME people might not be, actually, but the government has long had a contingency plan in place for a government shutdown. It wouldn't be the first government shut down, you know.

How many times has the government shut down due to an inability to borrow money?

What difference does that make?

 

[Ravi]

If no one is getting paid, who will collect the revenue?

Come on Ravi.

People will be getting paid. SOME people might not be, actually, but the government has long had a contingency plan in place for a government shutdown. It wouldn't be the first government shut down, you know.

Social security checks WOULD go out and the IRS agents WOULD continue to collect money.

The Department of Justice would remain open. FBI agents would still be working. The courts would remain open and running. congress (God help us) would remain operating as would the majority of the Executive Branch and the damn bureaucracy.

I don't share your optimism. This isn't a "normal" government shut down. What ever money we DO have will have to go to our debtors before they go to anyone else. Else we default and start a change reaction that ends life as we know it.

 

[Google]

The leftists on this board are going to tell you that not raising the debt ceiling is going to lead to unavoidable default, and they will repeat and repeat this without offering any evidence. It is the word of their god, and it is so.

Not raising the debt ceiling means someone will not get paid. Sure, we could service the debt, but then not pay the military or vice versa. Point is, we entered in to contracts that we won't be able to honour. That's called default where I come from.

As for lowering the debt limit (idiot) do you people honestly think if the debt limit is lowered and spending is slashed that you will somehow get money back? Or get some kid of immediate benefit?

Idiots. You won't. You'll get the opposite.

What!?! So you admit that the debt can be serviced? This is improvement.

Now you believe that the annual revenue won't be able to service the military budget? Where are you getting this?

Fact: Debt, Social Security and military obligations can be serviced. I'll show you the numbers, prove me wrong.

 

[Google]

Not one person on this board has explained why default is an unavoidable consequence of not allowing the federal government to rack up record deficit spending, but they say it like it’s the word of God—well to them it is I guess it is. All records concerning deficit spending have been broken under this administration—last March was the record deficit in one month--and every time Obama proposes these spending initiatives we are told it is because we are in a crisis and we must do this or else, and those fear-mongering tactics aren’t working this time with all polls showing 50% and above against raising the debt ceiling. The American people have become desensitized to Obama’s constant cries of crisis.

So here is the key question here: Can the Treasury service its debt obligation 10 times over from its current revenue? YES, and the possibility of not being able to pay the debt is ZERO.

Not raising the debt ceiling also would not cause the unavoidable shut down of Social Security payments which Obama has threatened—a threat that has been refuted and shown to be blatant fear-mongering.

 

[LordBrownTrout]

I seriously think that the IRS will be the last parasite of the fed to ever shut down. We could all be living under a bridge and they'd be confiscating our shopping carts.

 

[Liability]

If no one is getting paid, who will collect the revenue?

Come on Ravi.

People will be getting paid. SOME people might not be, actually, but the government has long had a contingency plan in place for a government shutdown. It wouldn't be the first government shut down, you know.

Social security checks WOULD go out and the IRS agents WOULD continue to collect money.

The Department of Justice would remain open. FBI agents would still be working. The courts would remain open and running. congress (God help us) would remain operating as would the majority of the Executive Branch and the damn bureaucracy.

I don't share your optimism. This isn't a "normal" government shut down. What ever money we DO have will have to go to our debtors before they go to anyone else. Else we default and start a change reaction that ends life as we know it.

A little hyperbole at the end, but it was refreshing to see a substantive post from you.

I guess I just don't share your pessimism.

There is nothing "normal" about any government shutdown. ALL of them, regardless of motivations on either side, represent a bit of a breakdown in the political process.

But WHATEVER the reason may be for ANY shutdown, the contingency plans are in effect (and have been for a long time). And joking aside, you gotta KNOW that the first order of business for the government is making sure they continue to have the revenues rolling in.

 

[DontBeStupid]

What!?! So you admit that the debt can be serviced? This is improvement.

Now you believe that the annual revenue won't be able to service the military budget? Where are you getting this?

Fact: Debt, Social Security and military obligations can be serviced. I'll show you the numbers, prove me wrong.

I have never said otherwise. I have always admitted that the debt could be serviced without borrowing. I've also, repeatedly, said that that is not the point. If we can't pay even one of contractual obligations our credit rating will be lowered and that is bad.

So now, can you show us the numbers proving we can pay EVERY obligation without borrowing?

 

[Google]

If no one is getting paid, who will collect the revenue?

Come on Ravi.

People will be getting paid. SOME people might not be, actually, but the government has long had a contingency plan in place for a government shutdown. It wouldn't be the first government shut down, you know.

Social security checks WOULD go out and the IRS agents WOULD continue to collect money.

The Department of Justice would remain open. FBI agents would still be working. The courts would remain open and running. congress (God help us) would remain operating as would the majority of the Executive Branch and the damn bureaucracy.

I don't share your optimism. This isn't a "normal" government shut down. What ever money we DO have will have to go to our debtors before they go to anyone else. Else we default and start a change reaction that ends life as we know it.

Do you just make things up? If the debt ceiling is not raised all the revenue of the federal government isn't going to go to creditors. Looking over your past posts I am convinced you either make things up or parrot MSNBC.

 

[Ravi]

Come on Ravi.

People will be getting paid. SOME people might not be, actually, but the government has long had a contingency plan in place for a government shutdown. It wouldn't be the first government shut down, you know.

Social security checks WOULD go out and the IRS agents WOULD continue to collect money.

The Department of Justice would remain open. FBI agents would still be working. The courts would remain open and running. congress (God help us) would remain operating as would the majority of the Executive Branch and the damn bureaucracy.

I don't share your optimism. This isn't a "normal" government shut down. What ever money we DO have will have to go to our debtors before they go to anyone else. Else we default and start a change reaction that ends life as we know it.

A little hyperbole at the end, but it was refreshing to see a substantive post from you.

I guess I just don't share your pessimism.

There is nothing "normal" about any government shutdown. ALL of them, regardless of motivations on either side, represent a bit of a breakdown in the political process.

But WHATEVER the reason may be for ANY shutdown, the contingency plans are in effect (and have been for a long time). And joking aside, you gotta KNOW that the first order of business for the government is making sure they continue to have the revenues rolling in.

What is the contingency plan?

And that wasn't hyperbole. A world wide crash would surely end life as we know it and plunge us deeper into unemployment, etc., than we currently are.

 

[DontBeStupid]

Not one person on this board has explained why default is an unavoidable consequence

You're right. There was "not one". There have actually been 5 or 6 of us.

 

[Liability]

Not one person on this board has explained why default is an unavoidable consequence

You're right. There was "not one". There have actually been 5 or 6 of us.

Nope.


There have been vapid claims, but there has been no evidence presented.

Default is NOT an unavoidable consequence. With this President, though, it could be a strategic "choice."

Of course, he's a dick, so any stupid shit is possible.

 

[Ravi]

Come on Ravi.

People will be getting paid. SOME people might not be, actually, but the government has long had a contingency plan in place for a government shutdown. It wouldn't be the first government shut down, you know.

Social security checks WOULD go out and the IRS agents WOULD continue to collect money.

The Department of Justice would remain open. FBI agents would still be working. The courts would remain open and running. congress (God help us) would remain operating as would the majority of the Executive Branch and the damn bureaucracy.

I don't share your optimism. This isn't a "normal" government shut down. What ever money we DO have will have to go to our debtors before they go to anyone else. Else we default and start a change reaction that ends life as we know it.

Do you just make things up? If the debt ceiling is not raised all the revenue of the federal government isn't going to go to creditors. Looking over your past posts I am convinced you either make things up or parrot MSNBC.

Please. Stop addressing my posts. I am curious about this subject and I don't know the answers to the problem.

Your partisan hackery is nothing but an annoyance.

 

[Liability]

I don't share your optimism. This isn't a "normal" government shut down. What ever money we DO have will have to go to our debtors before they go to anyone else. Else we default and start a change reaction that ends life as we know it.

A little hyperbole at the end, but it was refreshing to see a substantive post from you.

I guess I just don't share your pessimism.

There is nothing "normal" about any government shutdown. ALL of them, regardless of motivations on either side, represent a bit of a breakdown in the political process.

But WHATEVER the reason may be for ANY shutdown, the contingency plans are in effect (and have been for a long time). And joking aside, you gotta KNOW that the first order of business for the government is making sure they continue to have the revenues rolling in.

What is the contingency plan?

And that wasn't hyperbole. A world wide crash would surely end life as we know it and plunge us deeper into unemployment, etc., than we currently are.

A refusal to irresponsibly raise the debt limit would not entail a world wide crash.