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

[MikeFrank]

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

 

[Soggy in NOLA]

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.

 

[Momanohedhunter]

Duh.

 

[Salt Jones]

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

 

[Momanohedhunter]

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

I already know. Let it go.

 

[shintao]

good explanation

 

[Salt Jones]

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

I already know. Let it go.

Good, then we will really see it you know.

 

[Momanohedhunter]

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

I already know. Let it go.

Good, then we will really see it you know.

Cant wait. But it wont happen. No spine among politicians.

 

[Mustang]

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

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.

 

[waltky]

Say what??? Thought they were up there to reduce the debt...

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.

Additionally, although annual budget deficits would decline somewhat between 2013 and 2105 under Obama's proposal, according to the CBO, after that they would start increasing again, going up ever year from 2016 to 2021, the last year estimated by the CBO. In short, the only budget proposal Obama has put forward this year for the public to review and analyze puts the federal government on a path to eventual bankruptcy. In the latest Congressional Budget Office's analysis of the president's budget--published in April--the CBO compared its "baseline" estimates for the coming decade to what it estimates would be the fiscal results of Obama's budget plan. (The CBO's baseline largely assumes current law will be maintained.)

"According to CBO's projections, if all of President Obama's budgetary proposals were enacted, they would add $26 billion to the baseline deficit for 2011," said the CBO analysis. "As a result, the 2011 deficit would total $1.43 trillion or 9.5 percent of Gross Domestic Product." Under the baseline projection, as of April, CBO estimated the deficit this year would reach $1.399 trillion. "In 2012, the deficit under the President's budget would decline to $1.2 trillion, or 7.4 percent of GDP, CBO estimates. That shortfall is $83 billion greater than the deficit that CBO projects under the current baseline," said the CBO report. "Deficits in succeeding years under the President's proposal would be smaller than the deficit in 2012, although they would still add significantly to the federal debt."

"In all, deficits would total $9.5 trillion between 2012 and 2021 under the President's budget (or 4.8 percent of total GDP projected for that period)--$2.7 trillion more than the cumulative deficit in the CBO baseline," said CBO. Under Obama's budget proposal, according to the CBO, after 2012 the year-to-year annual deficits would only decline until 2015, when the deficit would be $748 billion. After that, the deficits would begin increasing again--year after year. By 2021, the last year in the CBO projections, the deficit under Obama's plan would be $1.158 trillion. That would be marginally less than the $1.2 trillion deficit CBO estimates will occur in 2012 under Obama's plan, but it also would be $429 billion higher the $729 billion deficit the CBO estimates would occur in 2021 if current law were simply maintained as assumed by CBO's baseline estimate.

Although CBO does not estimate the effect of the Obama budget past 2021, it does show that from 2016 to 2021 the Obama budget proposal would see increasing deficits every year. In other words, if Obama's budget were enacted, according to the CBO, Obama not only would increase the deficit by $2.7 trillion over current law over the next decade, but also, when he left office in 2016, he would be leaving the government with the prospect of ever increasing annual budget deficits.

More Obama's Proposal: Increase Debt Extra $26B This Year, $83B Next Year, $2.7T Over Decade | CNSnews.com

 

[Susan45]

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

This is where you get your info? Another message board from an anonymous post? Really?

I guess I'll stick with economists.

 

[mudwhistle]

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

You do know that the Republicans have been saying this for weeks.

Obama is using this to entrap the House Leadership into selling out their voters......and so far it's not working.

 

[Susan45]

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

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.

Right you are. And the credit ratings companies have already warned that the will lower our credit rating. So far I haven't seen one real expert that would back up not raising the debt ceiling.

 

[Trajan]

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

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.

and what does a default have to do with that?

did you read the Moodys and S&P reports? because thats the case you made, we don't have to default to be devalued.

 

[Susan45]

Say what??? Thought they were up there to reduce the debt...

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.

Additionally, although annual budget deficits would decline somewhat between 2013 and 2105 under Obama's proposal, according to the CBO, after that they would start increasing again, going up ever year from 2016 to 2021, the last year estimated by the CBO. In short, the only budget proposal Obama has put forward this year for the public to review and analyze puts the federal government on a path to eventual bankruptcy. In the latest Congressional Budget Office's analysis of the president's budget--published in April--the CBO compared its "baseline" estimates for the coming decade to what it estimates would be the fiscal results of Obama's budget plan. (The CBO's baseline largely assumes current law will be maintained.)

"According to CBO's projections, if all of President Obama's budgetary proposals were enacted, they would add $26 billion to the baseline deficit for 2011," said the CBO analysis. "As a result, the 2011 deficit would total $1.43 trillion or 9.5 percent of Gross Domestic Product." Under the baseline projection, as of April, CBO estimated the deficit this year would reach $1.399 trillion. "In 2012, the deficit under the President's budget would decline to $1.2 trillion, or 7.4 percent of GDP, CBO estimates. That shortfall is $83 billion greater than the deficit that CBO projects under the current baseline," said the CBO report. "Deficits in succeeding years under the President's proposal would be smaller than the deficit in 2012, although they would still add significantly to the federal debt."

"In all, deficits would total $9.5 trillion between 2012 and 2021 under the President's budget (or 4.8 percent of total GDP projected for that period)--$2.7 trillion more than the cumulative deficit in the CBO baseline," said CBO. Under Obama's budget proposal, according to the CBO, after 2012 the year-to-year annual deficits would only decline until 2015, when the deficit would be $748 billion. After that, the deficits would begin increasing again--year after year. By 2021, the last year in the CBO projections, the deficit under Obama's plan would be $1.158 trillion. That would be marginally less than the $1.2 trillion deficit CBO estimates will occur in 2012 under Obama's plan, but it also would be $429 billion higher the $729 billion deficit the CBO estimates would occur in 2021 if current law were simply maintained as assumed by CBO's baseline estimate.

Although CBO does not estimate the effect of the Obama budget past 2021, it does show that from 2016 to 2021 the Obama budget proposal would see increasing deficits every year. In other words, if Obama's budget were enacted, according to the CBO, Obama not only would increase the deficit by $2.7 trillion over current law over the next decade, but also, when he left office in 2016, he would be leaving the government with the prospect of ever increasing annual budget deficits.

More Obama's Proposal: Increase Debt Extra $26B This Year, $83B Next Year, $2.7T Over Decade | CNSnews.com

I guess you missed it that the Ryan plan would add to the deficit and be very expensive.

What Paul Ryan’s budget actually does

Paul Ryan’s plan for Medicare and Paul Ryan’s plan for Medicaid rely on the same bait-and-switch: They use a reform to disguise a cut.

In Medicare’s case, the reform is privatization. The current Medicare program would be dissolved and the next generation of seniors would choose from Medicare-certified private plans on an exchange. But that wouldn’t save money. In fact, it would cost money. As the Congressional Budget Office has said (pdf), since Medicare is cheaper than private insurance, beneficiaries will see “higher premiums in the private market for a package of benefits similar to that currently provided by Medicare.”

In both cases, what saves money is not the reform. It’s the cut. For Medicare, the cut is that the government wouldn’t cover the full cost of the private Medicare plans, and the portion they would cover is set to shrink as time goes on. In Medicaid, the block grants are set to increase more slowly than health-care costs, which is to say, the federal government will shoulder a smaller share of the costs than it currently does. The question for both plans is the same: What happens to beneficiaries?
What Paul Ryan’s budget actually does - Ezra Klein - The Washington Post

The reason you are not hearing more about the Ryan plan is it ended up embarrassing the congressional right.

 

[Mustang]

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

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.

and what does a default have to do with that?

did you read the Moodys and S&P reports? because thats the case you made, we don't have to default to be devalued.

I know that. I wish idiots like Bachmann understood it.

 

[mudwhistle]

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.

and what does a default have to do with that?

did you read the Moodys and S&P reports? because thats the case you made, we don't have to default to be devalued.

I know that. I wish idiots like Bachmann understood it.

She can't be all that stupid.

She earned a Juris Doctor in Law at Oral Roberts and a Masters at William & Mary.

Interesting side note. Bachmann actually has put her degrees into practice.

All Obama has done is accept a two year appointment in Chicago to work on his book and teach election fraud to students at the University of Chicago Law School.

 

[oldsalt]

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.

So the Con experiment was a 7 time failure with shrub?

 

[Procrustes Stretched]

Despite all the rhetoric and posturing we see in the media and in Washington D.C., it is safe to say categorically that...

...that you are nuts!!!

Even economists of a conservative bent say a failure to raise the debt limit would be catastrophic to the US and world economies.