We do not need to raise the debt limit, this is all scare tactics, read this please.

Discussion in 'Politics' started by MikeFrank, Jul 14, 2011.

  1. MikeFrank
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    MikeFrank Member

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    Despite all the rhetoric and posturing we see in the media and in Washington D.C., it is safe to say categorically that the U.S. Treasury will not default on its debt after August 2nd, even if the debt ceiling is not raised. Not only will the Treasury be able to pay interest on U.S. debt obligations, but there is money for other essential programs as well. However, there will be some serious cutting that has to happen because spending clearly exceeds revenues.

    I believe a debt ceiling limit extension will be enacted. However, let’s consider what might happen if the debt ceiling limit is not raised. Here in a Q&A format is what I believe you need to know at a basic level.

    Q: What is a default?



    More : How much revenue does the Treasury take in on average in a month? 200 billion
     
  2. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Of course we don't. They know that current levels of spending are wayyyyyyyyyyyyyyyyyyyy out of control, but they can't let it go because in doing so, they are admitting the Progressive experiment was a failure.

    That is all this is about. They need to grow up.
     
  3. Momanohedhunter
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    Momanohedhunter BANNED

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    Duh.
     
  4. Salt Jones
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    Salt Jones BANNED

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    Let's not raise the debt ceiling and see which side is right about default. It should be fun.
     
  5. Momanohedhunter
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    Momanohedhunter BANNED

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    I already know. Let it go.
     
  6. shintao
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    shintao Take Down ~ Tap Out

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    good explanation
     
  7. Salt Jones
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    Salt Jones BANNED

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    Good, then we will really see it you know.
     
  8. Momanohedhunter
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    Momanohedhunter BANNED

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    Cant wait. But it wont happen. No spine among politicians.
     
  9. Mustang
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    All opinions aside, there is a fact that can't be denied. The US cannot stop credit rating agencies from downgrading our credit rating when and if they believe that we as a nation are no longer as credit worthy as we've historically been. Perception is reality in this regard. Even IF the US continued to service it's debt, and even IF the US did not fail to meet every single financial obligation we have, the perception is that the US is no longer a stable financial risk if for no other reason than our gov't is no longer able to come together and function to solve a simple problem like raising the debt ceiling like we've done many times before.
     
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  10. waltky
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    waltky Wise ol' monkey Supporting Member

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    Say what??? Thought they were up there to reduce the debt...
    :eusa_eh:
    Obama's Proposal: Increase Debt Extra $26B This Year, $83B Next Year, $2.7T Over Decade
    Saturday, July 16, 2011 - While the Republican-controlled House of Representatives has voted this year to approve House Budget Chairman Paul Ryan's (R.-Wis.) proposal--that would put the government on a gradual path to a surplus by 2040--and plans to vote on a balanced budget amendment next week that would cap federal spending at 18 percent of GDP, the only budget proposal President Obama's has publicly revealed in 2011 would, according to the Congressional Budget Office, increase the deficit by $26 billion this year, $83 billion next year, and $2.7 trillion over the next decade.
     

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