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We will never be able to raise enough revenue to cover $4 trillion.
There has to be cuts and no one wants to do that.
We get downgraded then we become more risky and bond interest rates we pay will go up.
Higher interest payments mean we get more in debt. Get more in debt and we get downgraded.
Get downgraded and our interest rate goes up. See where this is leading ?
We need taxes and we need cuts. With election coming next year I doubt we'll see either.
Instead we are seeing new spending bills coming forward.
The people in DC are more worried about elections than they are about the health of this country.
LOL! The right wing nutcases need to lay off the moonshine, fox news and actually learn some facts instead of spouting delusions. This is from the actual S&P report itself:
"Compared with previous projections, our revised base case scenario now
assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, (Bush tax cuts to the rich) remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues"
"We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process," the ratings firm said.
(Reuters) - The United States will likely suffer the loss of its triple-A credit rating from another major rating agency by the end of this year due to concerns over the deficit, Bank of America Merrill Lynch forecasts.
The United States should get a credit downgrade with a moron like Obama as POTUS.
We will never be able to raise enough revenue to cover $4 trillion.
There has to be cuts and no one wants to do that.
We get downgraded then we become more risky and bond interest rates we pay will go up.
Higher interest payments mean we get more in debt. Get more in debt and we get downgraded.
Get downgraded and our interest rate goes up. See where this is leading ?
We need taxes and we need cuts. With election coming next year I doubt we'll see either.
Instead we are seeing new spending bills coming forward.
The people in DC are more worried about elections than they are about the health of this country.
the strange thing I find, is that even I as a normal american can look at the budget and cut 3.2 trillion out of the budget, I dont see how the politicians cant do it.
I know they are looking out for favors, lining their own pockets and the like. but if I can do it, then why dont they?
the strange thing I find, is that even I as a normal american can look at the budget and cut 3.2 trillion out of the budget, I dont see how the politicians cant do it.
I know they are looking out for favors, lining their own pockets and the like. but if I can do it, then why dont they?
It's more a matter of won't than can't. The majority of our current crop of politicians are only concerned with enriching themselves and empowering government. They couldn't care less about the well being of the nation.
It's more a matter of won't than can't. The majority of our current crop of politicians are only concerned with enriching themselves and empowering government. They couldn't care less about the well being of the nation.
very true, repped you for the post of the day too.
very true, repped you for the post of the day too.
Thanks for both the agreement and the rep.
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