The Tea Party Says Nothing Will Happen If We Default

[Trajan]

The new talking point is that even if we hit the debt ceiling....and do not raise it....we will not default because we have plenty of money to cover our debts.

Everything is going to be just fine.

that first point is correct, but has a time limit. I'd prefer we didn't......I think the Collins compromise has merit.

 

[KissMy]

Fitch just put the USA on "Negative Watch"!!!
"KEY RATING DRIVERS In line with Fitch's previous statements, the RWN reflects the following key rating drivers and their relative weights: High - The U.S. authorities have not raised the federal debt ceiling in a timely manner before the Treasury exhausts extraordinary measures. The U.S. Treasury Secretary has said that extraordinary measures will be exhausted by 17 October, leaving cash reserves of just USD30bn. Although Fitch continues to believe that the debt ceiling will be raised soon, the political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default. - Although the Treasury would still have limited capacity to make payments after 17 October it would be exposed to volatile revenue and expenditure flows. The Treasury may be unable to prioritise debt service, and it is unclear whether it even has the legal authority to do so."

 

[eflatminor]

Fitch just put the USA on "Negative Watch"!!!

Maybe it's time we live within our means?

Interesting fact: We'll collect about the same amount of revenue this year that was required to fund all government operation in 2008...with NO deficit spending!

Were things so bad in 2008 that we couldn't return that level of federal spending?

 

[Derideo_Te]

Fitch just put the USA on "Negative Watch"!!!

Maybe it's time we live within our means?

Interesting fact: We'll collect about the same amount of revenue this year that was required to fund all government operation in 2008...with NO deficit spending!

Were things so bad in 2008 that we couldn't return that level of federal spending?

Yup, raise taxes to cover corporate welfare and defense spending and the rest will be easy.

 

[Trajan]

its been pretty much buried......

 

[Trajan]

Fitch just put the USA on "Negative Watch"!!!

Maybe it's time we live within our means?

Interesting fact: We'll collect about the same amount of revenue this year that was required to fund all government operation in 2008...with NO deficit spending!

Were things so bad in 2008 that we couldn't return that level of federal spending?

Yup, raise taxes to cover corporate welfare and defense spending and the rest will be easy.

taxes were raised, last January, we were supposed to be working on tax reform by now, what happened to that?

 

[Derideo_Te]

Maybe it's time we live within our means?

Interesting fact: We'll collect about the same amount of revenue this year that was required to fund all government operation in 2008...with NO deficit spending!

Were things so bad in 2008 that we couldn't return that level of federal spending?

Yup, raise taxes to cover corporate welfare and defense spending and the rest will be easy.

taxes were raised, last January, we were supposed to be working on tax reform by now, what happened to that?

Good question. When one side refuses to negotiate nothing is accomplished and we end up in a situation where if the debt ceiling is not raised then taxes will have to be increased to cover the shortfall. It is one or the other because neither side wants to deal with spending cuts to their own sacred cows.

 

[Hoffstra]

Tea Baggers are dangerous for the USA.

We need to treat them like Egypt treated the Muslim Brotherhood.

Illegalize them, sieze their party property, and arrest their leaders for treason.

 

[Hoffstra]

I have no problem reducing the deficit.

but we have to do it slowly but surely, in a way that causes the least harm and pain.

 

[Faun]

Were things so bad in 2008 that we couldn't return that level of federal spending?

Well except for being in the middle of one of the worst recessions in our nation's history ... the collapse of our housing markets ... the destruction of our credit markets ... the near death of our economy ... on the way to 11 million people falling to under/unemployment ... on the way to a crashing stock market, losing some 60% valuation ... losing almost 5% of GDP ... Sarah Palin not becoming VP ................

.............. it was a great year!

 

[Geaux4it]

Tea Baggers are dangerous for the USA.

We need to treat them like Egypt treated the Muslim Brotherhood.

Illegalize them, sieze their party property, and arrest their leaders for treason.

Why don't you step up and lead the charge?

-Geaux

 

[koshergrl]

Tea Baggers are dangerous for the USA.

We need to treat them like Egypt treated the Muslim Brotherhood.

Illegalize them, sieze their party property, and arrest their leaders for treason.

Wow you sound so Nazish there!

 

[eflatminor]

Fitch just put the USA on "Negative Watch"!!!

Maybe it's time we live within our means?

Interesting fact: We'll collect about the same amount of revenue this year that was required to fund all government operation in 2008...with NO deficit spending!

Were things so bad in 2008 that we couldn't return that level of federal spending?

Yup, raise taxes to cover corporate welfare and defense spending and the rest will be easy.

And you think that will INCREASE revenues to government coffers?

 

[eflatminor]

Illegalize them, sieze their party property, and arrest their leaders for treason.

Molon Labe, asshole.

 

[eflatminor]

Were things so bad in 2008 that we couldn't return that level of federal spending?

Well except for being in the middle of one of the worst recessions in our nation's history ... the collapse of our housing markets ... the destruction of our credit markets ... the near death of our economy ... on the way to 11 million people falling to under/unemployment ... on the way to a crashing stock market, losing some 60% valuation ... losing almost 5% of GDP ... Sarah Palin not becoming VP ................

.............. it was a great year!

And you think more federal spending would have fixed that?

God you're dumb.

 

[Toro]

Tea Baggers are dangerous for the USA.

We need to treat them like Egypt treated the Muslim Brotherhood.

Illegalize them, sieze their party property, and arrest their leaders for treason.

Don't forget the indefinite detention on trumped up charges after a kangaroo court plus torture!

 

[JakeStarkey]

You still haven't explained how we can take in 2.5 trillion and not be able to pay our 420 billion dollar debt obligation.

We have about 3.2 trillion in legal obligations. If We the People fail to pay ALL of our obligations we go into default.

Bullshit.

How about providing a source.

You libs are all the same. you throw out bullshit numbers without anything to support it.

That's you, actually, and Redfish. Give us some numbers we can work with, please.

 

[JakeStarkey]

Thanks.

I knew you were full of shit and you just proved it.

So given that you could not refute anything in the provided links and have resorted to name calling vulgarities instead I will take that as you tacitly conceding this point. Have a nice day.

Hey idiot what you showed was a total budget cost. And your claim was we HAD to have over 3 trillion just to meet our obligations. Tell me, did you keep a straight face while posting that bullshit?

You are actually posting the above with a straight face?

Well, of course, you are.

 

[KissMy]

US Treasury Secretary Prioritizing is not an option!

US Treasury Secretary Jack Lew testified before the Senate - “There is no plan other than raising the debt limit"..."The automated system pays roughly 80 million checks a month”..."I don't believe there is a way to pick and choose on a broad basis. This system was not designed to be turned off selectively. Anyone who thinks it can be done just doesn't know the architecture of our multiple payment systems. They are very complex. They were designed properly to pay our bills. They were not designed to not pay our bills."

Lew also told lawmakers that the legal issues regarding prioritization of interest and principal on debt are complicated.“Prioritization is just default by any other name,” Lew said. The legal authority to pick and choose payments is not “clear at all” and that even if it wanted to do so, technologically it may not be possible.

 

[Geaux4it]

I hope we finally cave the modern Roman Empire. And Barack Obama and his minions will be holding the bag. Only the strong survive which will essentially eliminate the recent 51% majority of fools

-Geaux