What happened the LAST time we hit the National Debt Ceiling?

[Little-Acorn]

Answer: Pretty much the same thing that's happening now.

In May 2011, the TEA Party Republicans dug in their heels and refused to raise the National Debt Limit.

For a while.

 

[CrusaderFrank]

Um, Obama got us downgraded, then stopped all White House Tours?

 

[Little-Acorn]

Um, Obama got us downgraded, then stopped all White House Tours?

 

[Little-Acorn]

BTW, guess what happened to that refusal by Republicans to raise the Debt Ceiling, back in May 16, 2011 - Aug 1, 2011?

An updated chart shows the answer:

 

[g5000]

Wow! That has never happened before!! This is the first time in American history when the debt ceiling was raised and spending increased!!!! Alert the media!

 

[g5000]

 

[g5000]

So I guess the real question is, "What happens EVERY time we hit the debt ceiling?"

More spending happens, that's what. Regardless of who is in charge.

 

[OohPooPahDoo]

Um, Obama got us downgraded, then stopped all White House Tours?

Downgraded by who?

 

[NightFox]

Wow! That has never happened before!! This is the first time in American history when the debt ceiling was raised and spending increased!!!! Alert the media!

.. Two police officers apprehend a serial killer mid-homicide, first cops says "let's put this guy in prison so he can never do this again!", second cop says "It's nothing to worry about, he does this all the time".

Guess which cop you get to play in the made for television movie?

 

[OohPooPahDoo]

Wow! That has never happened before!! This is the first time in American history when the debt ceiling was raised and spending increased!!!! Alert the media!

.. Two police officers apprehend a serial killer mid-homicide, first cops says "let's put this guy in prison so he can never do this again!", second cop says "It's nothing to worry about, he does this all the time".

Guess which cop you get to play in the made for television movie?

Is that your justification for wanting to bankrupt the checking accounts of Americans?

 

[NightFox]

Wow! That has never happened before!! This is the first time in American history when the debt ceiling was raised and spending increased!!!! Alert the media!

.. Two police officers apprehend a serial killer mid-homicide, first cops says "let's put this guy in prison so he can never do this again!", second cop says "It's nothing to worry about, he does this all the time".

Guess which cop you get to play in the made for television movie?

Is that your justification for wanting to bankrupt the checking accounts of Americans?

Naw, no justification required for that, I consider wanting to bankrupt the checking accounts of Americans just another hobby.

 

[OohPooPahDoo]

.. Two police officers apprehend a serial killer mid-homicide, first cops says "let's put this guy in prison so he can never do this again!", second cop says "It's nothing to worry about, he does this all the time".

Guess which cop you get to play in the made for television movie?

Is that your justification for wanting to bankrupt the checking accounts of Americans?

Naw, no justification required for that, I consider wanting to bankrupt the checking accounts of Americans just another hobby.

Do you think a default on our national debt would be funny?

 

[NightFox]

Is that your justification for wanting to bankrupt the checking accounts of Americans?

Naw, no justification required for that, I consider wanting to bankrupt the checking accounts of Americans just another hobby.

Do you think a default on our national debt would be funny?

It would be if it hadn't already happened so it's probably time to notify the nations creditors that the joke is them.

"Sorry guys but you didn't actually think we were going to be able to pay this off, did ya?"

 

[OohPooPahDoo]

Naw, no justification required for that, I consider wanting to bankrupt the checking accounts of Americans just another hobby.

Do you think a default on our national debt would be funny?

It would be if it hadn't already happened so it's probably time to notify the nations creditors that the joke is them.

"Sorry guys but you didn't actually think we were going to be able to pay this off, did ya?"

The nation's creditors have received all of their payments on time.

 

[NightFox]

Do you think a default on our national debt would be funny?

It would be if it hadn't already happened so it's probably time to notify the nations creditors that the joke is them.

"Sorry guys but you didn't actually think we were going to be able to pay this off, did ya?"

The nation's creditors have received all of their payments on time.

Yes I understand your thesis...the government needs to get new investors so they can use that money to pay off the old investors.

Well at least now we know where Bernie Madoff got the idea from.

 

[OohPooPahDoo]

It would be if it hadn't already happened so it's probably time to notify the nations creditors that the joke is them.

"Sorry guys but you didn't actually think we were going to be able to pay this off, did ya?"

The nation's creditors have received all of their payments on time.

Yes I understand your thesis...the government needs to get new investors so they can use that money to pay off the old investors.

Well at least now we know where Bernie Madoff got the idea from.

That is not my thesis.

My thesis is that treasury default means treasuries become worthless or close to it, which means FDIC insurance becomes worthless, which means a bank run, which means I probably lose around $20,000. That's my thesis.

 

[francoHFW]

OP- The stupidest, most ignorant, brainwashed obstruction/disfunction destructive bs in the history of the moron Tea Party, Between that and its twin sequester (Boehner: "I got 98% of what I wanted") cost the country at least 1% growth over 2 years- the recovery could have been completed. The jobs act would be ANOTHER 1%. Pub a-holes and their silly ignorant dupes- a catastrophe.

 

[NightFox]

The nation's creditors have received all of their payments on time.

Yes I understand your thesis...the government needs to get new investors so they can use that money to pay off the old investors.

Well at least now we know where Bernie Madoff got the idea from.

That is not my thesis.

My thesis is that treasury default means treasuries become worthless or close to it, which means FDIC insurance becomes worthless, which means a bank run, which means I probably lose around $20,000. That's my thesis.

So you're not contending that the Federal Government needs to find new investors to pay off the old investors? If that's the case why do we need to raise the debt limit to keep from defaulting on the old investors?

 

[OohPooPahDoo]

Yes I understand your thesis...the government needs to get new investors so they can use that money to pay off the old investors.

Well at least now we know where Bernie Madoff got the idea from.

That is not my thesis.

My thesis is that treasury default means treasuries become worthless or close to it, which means FDIC insurance becomes worthless, which means a bank run, which means I probably lose around $20,000. That's my thesis.

So you're not contending that the Federal Government needs to find new investors to pay off the old investors?

You have a severe reading comprehension disability

If that's the case why do we need to raise the debt limit to keep from defaulting on the old investors?

I believe preserving the bank accounts of Americans is a good reason. I'm guessing your checking account is empty, otherwise you would be more concerned about the possibility of it vaporizing overnight.

 

[NightFox]

That is not my thesis.

My thesis is that treasury default means treasuries become worthless or close to it, which means FDIC insurance becomes worthless, which means a bank run, which means I probably lose around $20,000. That's my thesis.

So you're not contending that the Federal Government needs to find new investors to pay off the old investors?

You have a severe reading comprehension disability

That's the spirit when faced with a question you cannot answer resort to vague, non sequitur personal attacks, it keeps you from having to face the reality that your logic is flawed.

I believe preserving the bank accounts of Americans is a good reason.

A good reason for continuing a ponzi scheme? Using your rational we should have just let Bernie keep on truckin' , after all it was cruel letting those investors in on the fact that they were broke, could have let them go on fat, dumb & happy for at least a few more years.

I'm guessing your checking account is empty, otherwise you would be more concerned about the possibility of it vaporizing overnight.

Either that or I've managed to face reality and plan accordingly.