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Old 10-16-2013, 06:40 AM
 
Location: Florida
77,012 posts, read 47,481,489 times
Reputation: 14806

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Quote:
Originally Posted by Suncc49 View Post
Let wikipedia explain to you what a default is:


In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant (condition) of the debt contract. A default is the failure to pay back a loan.[1] Default may occur if the debtor is either unwilling or unable to pay his or her debt. This can occur with all debt obligations including bonds, mortgages, loans, and promissory notes. National default refers to the idea of an entire government unwilling or unable to pay a required national debt.

Not paying an entitlement, like social security is not a default on the debt!!
Did you read what you posted? I see your confusion stems from the fact that you do not understand the difference between national debt and foreign debt.

See below the breakdown of the parties who own our debt. You cannot avoid defaut by paying one of them (as you seem to think). You are in default if you fail to meet any of them.

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Old 10-16-2013, 06:43 AM
 
Location: NC
6,032 posts, read 9,189,893 times
Reputation: 6378
Quote:
Originally Posted by Finn_Jarber View Post
Did you read what you posted? I see your confusion stems from the fact that you do not understand the difference between national debt and foreign debt.

See below the breakdown of the parties who own our debt. You cannot avoid defaut by paying one of them (as you seem to think). You are in default if you fail to meet any of them.

Go read about what we are REQUIRED to pay in the constitution and then report back. Not what the media tells you.

SOCIAL SECURITY IS AN ENTITLEMENT , NOT A DEBT OBLIGATION THAT YOU CAN DEFAULT ON
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Old 10-16-2013, 06:43 AM
 
Location: Florida
77,012 posts, read 47,481,489 times
Reputation: 14806
Quote:
Originally Posted by JimRom View Post
Having $5.00 in our pocket and $10.00 worth of bills is exactly how we got to this point in the first place. Not raising the debt ceiling would be the equivalent of losing your part time job that you depend on to pay for luxuries. The main source of income is still coming in, you just need to cut back on spending for a while.
No, it is not how we got there, it is where we are now. We got there by promising to pay the $10.00, which we didn't have, and now the bills are due. The question is whether or not we meet our obligations, or if we default on the payments. It is not a matter of buying more luxuries, it is a matter of paying for the ones we already have.
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Old 10-16-2013, 06:43 AM
 
48,505 posts, read 96,675,147 times
Reputation: 18304
I think in the end it will be pretty much as Clinton described they did I paying the interest and other priorities.
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Old 10-16-2013, 06:44 AM
 
Location: NC
6,032 posts, read 9,189,893 times
Reputation: 6378
Quote:
Originally Posted by Finn_Jarber View Post
No, it is not how we got there, it is where we are now. We got there by promising to pay the $10.00, which we didn't have, and now the bills are due. The question is whether or not we meet our obligations, or if we default on the payments. It is not a matter of buying more luxuries, it is a matter of paying for the ones we already have.

Again you are wrong. Under a default, the country can only spend an amount equal to what it is taking in.

Also some payments are required by the constitution, like interest on the national debt.


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Old 10-16-2013, 06:48 AM
 
Location: Jacksonville, FL
11,120 posts, read 10,668,910 times
Reputation: 9771
Quote:
Originally Posted by Finn_Jarber View Post
No, it is not how we got there, it is where we are now. We got there by promising to pay the $10.00, which we didn't have, and now the bills are due. The question is whether or not we meet our obligations, or if we default on the payments. It is not a matter of buying more luxuries, it is a matter of paying for the ones we already have.
Quote:
Having $5.00 in our pocket and $10.00 worth of bills is exactly how we got to this point in the first place.
Were you trying to say the exact same thing that I said, or was it a freaky coincidence?
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Old 10-16-2013, 06:51 AM
 
Location: North America
19,784 posts, read 15,079,987 times
Reputation: 8527
So... Obama writes the checks personally? Who knew?
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Old 10-16-2013, 06:55 AM
 
Location: Florida
77,012 posts, read 47,481,489 times
Reputation: 14806
Quote:
Originally Posted by Suncc49 View Post
Go read about what we are REQUIRED to pay in the constitution and then report back. Not what the media tells you.

SOCIAL SECURITY IS AN ENTITLEMENT , NOT A DEBT OBLIGATION THAT YOU CAN DEFAULT ON
Social security is a legal obloigation, whether you like it or not. Also, the constitution does not define “default”. Sure, we can tell everyone we won’t pay thembecause the constitution doesn’t dictate we pay all our bills, but it is stilla default, and it is still the destruction of the trustworthiness of the UnitedStates. Final post to you, since youwill obviously not get it.
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Old 10-16-2013, 06:57 AM
 
Location: Florida
77,012 posts, read 47,481,489 times
Reputation: 14806
Quote:
Originally Posted by JimRom View Post
Were you trying to say the exact same thing that I said, or was it a freaky coincidence?
I was pointing out we didn't get there by having bills to pay, we got there by accumulating the bills, but I know what you are saying.
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Old 10-16-2013, 06:58 AM
 
600 posts, read 658,370 times
Reputation: 244
Quote:
Originally Posted by 20yrsinBranson View Post
There is more than enough money available to pay the interest on our debts. I do not know the details, but I have heard that it is against the law to default on our debts if the money is available. Perhaps it is (another) impeachable offense if he fails to obey the law.

Perhaps when we get to 10 impeachable offenses somebody will do something about it.

hoping

20yrsinBranson

this was the tea baggers plan the whole time

you all's delusion and hatred of this 'black' president is so great, that you would risk everything and anything to take him down!

truly shameful!
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