Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
They send Obama out to promote class warfare to raise taxes again. Only this time he will consider people who make $100k rich. Hell why not go straight where he intends, he will say people making $50k are rich.
If the debt ceiling is not raised then the U.S. govt can only spend an amount equal to total revenue incoming. Currently that is approximately 60 percent of current total spending (the other 40 percent is being borrowed and added to the debt). That means the Treasury Department would have to prioritize spending. Should they pay foreign bond holders? Reduce monthly payments to Social Security or Medicare reimbursements? Not pay agriculture subsidies? Cancel military programs? etc. It would be a political disaster for the Republicans who believe the Treasury should continue to pay bond holders (China) in order to prevent a credit default while reducing Social Security payments to Americans.
It ran out of money years ago. It's been living on borrowed cash ever since.
Now it's getting to where it can't even afford to borrow the cash.
It's been getting along ever since last May (when we hit the debt ceiling), by draining the funds of various Federal retirement accounts and other trust funds it's supposed to "manage".
Now, those retirement funds are just about exhausted.
It's been hoping Republicans will cave, so it can quickly borrow a few more $trillions and quietly pay back those funds before the media starts pointing out what they are doing.
BTW, this activity would get any CEO or financial officer of any company that did it, thrown in jail for fraud so fast his britches would smoke. It's one of the most illegal things you can do, in ANY company in this country.
It ran out of money years ago. It's bee living on borrowed cash ever since.
Now it's getting to where it can't even afford to borrow the cash.
It's been getting along ever since last May (when we hit the debt ceiling), by draining the funds of various Federal retirement accounts and other trust funds it's supposed to "manage".
Now, those retirement funds are just about exhausted.
It's been hoping Republicans will cave, so it can quickly borrow a few more $trillions and quietly pay back those funds before the media starts pointing out what they are doing.
BTW, this activity would get any CEO or financial officer of any company that did it, thrown in jail for fraud so fast his britches would smoke. It's oine of the most illegal things you can do, in ANY company in this country.
How far down the road are we going to kick the can before someone makes us pick it up?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
