Will the U.S. default? Or worse?

[The Rabbi]

What happens when the gov't runs out of money, scheduled for Oct 17th, last I saw? Will they really cease paying obligations? Or will Obama simply issue an EO to the Treasury to raise the money, under some ruse or other?
And if he does, in contravention of the U.S. Constitution, what will happen? At that point, are we not living in a dictatorship?

 

[HenryBHough]

What happens?

Obama turns on the printing presses.

Again.

 

[The Rabbi]

What happens?

Obama turns on the printing presses.

Again.

It's more complex than that. It would require issuing additonal debt. He cannot do that unilaterally. That must originate with teh House. So if he does, then what?

 

[kaz]

What happens?

Obama turns on the printing presses.

Again.

It's more complex than that. It would require issuing additonal debt. He cannot do that unilaterally. That must originate with teh House. So if he does, then what?

Obama has shown clearly he will chose the course of action that inflicts the most pain and then blame it on the Republicans

 

[HenryBHough]

It's more complex than that. It would require issuing additonal debt. He cannot do that unilaterally. That must originate with teh House. So if he does, then what?

Yo' failure of faith in the power of the Executive Order somehow underwhelms.

 

[The Rabbi]

It's more complex than that. It would require issuing additonal debt. He cannot do that unilaterally. That must originate with teh House. So if he does, then what?

Yo' failure of faith in the power of the Executive Order somehow underwhelms.

No, I have a lot of faith in the power of EO. I truly believe he will issue one directing the Treasury to do something he has no power to do. Then what?

 

[Redfish]

Nothing will happen, there is plenty of money coming in to pay the interest on the debt, SS, medicare, medicaid, food stamps, and most of the military.

Some govt spending will have to curtailed and the govt will have to spend no more than it takes in------------which is what they should be doing anyway

this whole thing is a artificial crisis.

 

[ScreamingEagle]

Nothing will happen, there is plenty of money coming in to pay the interest on the debt, SS, medicare, medicaid, food stamps, and most of the military.

Some govt spending will have to curtailed and the govt will have to spend no more than it takes in------------which is what they should be doing anyway

this whole thing is a artificial crisis.

Demrats think it is a crisis to just decrease the increase in spending....

 

[Politico]

No.

 

[The Rabbi]

Nothing will happen, there is plenty of money coming in to pay the interest on the debt, SS, medicare, medicaid, food stamps, and most of the military.

Some govt spending will have to curtailed and the govt will have to spend no more than it takes in------------which is what they should be doing anyway

this whole thing is a artificial crisis.

While that's true, the Treasury lacks the authority to discriminate on claims. They must pay all bills and obligations that come in. The House GOP wanted to pass a bill giving them that authority but Obama said he would veto it.

 

[Redfish]

Nothing will happen, there is plenty of money coming in to pay the interest on the debt, SS, medicare, medicaid, food stamps, and most of the military.

Some govt spending will have to curtailed and the govt will have to spend no more than it takes in------------which is what they should be doing anyway

this whole thing is a artificial crisis.

Demrats think it is a crisis to just decrease the increase in spending....

the result of rectal thinking.

 

[ron4342]

Nothing will happen, there is plenty of money coming in to pay the interest on the debt, SS, medicare, medicaid, food stamps, and most of the military.

Some govt spending will have to curtailed and the govt will have to spend no more than it takes in------------which is what they should be doing anyway

this whole thing is a artificial crisis.

Demrats think it is a crisis to just decrease the increase in spending....

Here are some words of wisdom from the Republican God, Ronald Reagan:
"Unfortunately, Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility -- two things that set us apart from much of the world."

Ronald Reagan 1986
PolitiFact | Ronald Reagan talks about the debt ceiling

 

[Vox]

What happens when the gov't runs out of money, scheduled for Oct 17th, last I saw? Will they really cease paying obligations? Or will Obama simply issue an EO to the Treasury to raise the money, under some ruse or other?
And if he does, in contravention of the U.S. Constitution, what will happen? At that point, are we not living in a dictatorship?

the government is not running out of money. the government is running out on all possible sanity in tackling it's appetite for spending.

Like a proverbial fatso in America who can't stop eating - this fatso is a symbol of American government:

 

[Redfish]

Nothing will happen, there is plenty of money coming in to pay the interest on the debt, SS, medicare, medicaid, food stamps, and most of the military.

Some govt spending will have to curtailed and the govt will have to spend no more than it takes in------------which is what they should be doing anyway

this whole thing is a artificial crisis.

Demrats think it is a crisis to just decrease the increase in spending....

Here are some words of wisdom from the Republican God, Ronald Reagan:
"Unfortunately, Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the federal deficit would soar. The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility -- two things that set us apart from much of the world."

Ronald Reagan 1986
PolitiFact | Ronald Reagan talks about the debt ceiling

Reagan was wrong about that, Obama was right in what he said in 2006 when Bush wanted to raise the debt limit.

Raising the debt limit is destroying the fiscal health of this country. We cannot continue to borrow forever.

let me ask you, how much debt is too much? 20 trillion? 50? 100?

 

[Sunshine]

Default on China. Oh HELL no!

 

[Jos]

Well, This would be a good time for the Congress to dig down deep and think about what it wants to do in respect of its powers under Article One, Section Eight of the Constitution. That is the section in which the founders of America delegated to the Congress the power to, among other things, "coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures."
Congress and the Dollar - The New York Sun
There is no need to borough "money" from a private bank (the federal reserve bank) at interest when Congress has the power to issue its own "money"

 

[OKTexas]

It's more complex than that. It would require issuing additonal debt. He cannot do that unilaterally. That must originate with teh House. So if he does, then what?

Yo' failure of faith in the power of the Executive Order somehow underwhelms.

No, I have a lot of faith in the power of EO. I truly believe he will issue one directing the Treasury to do something he has no power to do. Then what?

Considering he's impeachment proof, most likely nothing. If conservatives let him get away with it without taking to the streets and closing shit down like the Travon protesters did, well then it's on us also. It's time to use their own tacitcs against them.

 

[The Rabbi]

Yo' failure of faith in the power of the Executive Order somehow underwhelms.

No, I have a lot of faith in the power of EO. I truly believe he will issue one directing the Treasury to do something he has no power to do. Then what?

Considering he's impeachment proof, most likely nothing. If conservatives let him get away with it without taking to the streets and closing shit down like the Travon protesters did, well then it's on us also. It's time to use their own tacitcs against them.

He could be impeached, although that would be tough. But the Senate will never vote to remove him. That pretty much takes away any check on his authority.

 

[Redfish]

No, I have a lot of faith in the power of EO. I truly believe he will issue one directing the Treasury to do something he has no power to do. Then what?

Considering he's impeachment proof, most likely nothing. If conservatives let him get away with it without taking to the streets and closing shit down like the Travon protesters did, well then it's on us also. It's time to use their own tacitcs against them.

He could be impeached, although that would be tough. But the Senate will never vote to remove him. That pretty much takes away any check on his authority.

republicans may control the senate after nov 2014---------------------

 

[HenryBHough]

Considering he's impeachment proof, most likely nothing. If conservatives let him get away with it without taking to the streets and closing shit down like the Travon protesters did, well then it's on us also. It's time to use their own tacitcs against them.

He could be impeached, although that would be tough. But the Senate will never vote to remove him. That pretty much takes away any check on his authority.

republicans may control the senate after nov 2014---------------------

If I believed that I'd be investing in a good old-fashioned ropewalk just now as there would be heavy demand for substantial cordage.