Here's what happens when the debt ceiling is not increased next week

Originally posted by syrinx high priest
settle down doomers, whenever there is a lot of money on the line and a real deadline, brinksmanship negotiating is the flavor of the day

both sides want to inflict some stress and panic on the other side to see who will blink first

just look at the NFL

look for a midnight deal that is more or less a compromise

Yep, that's probably what's gonna happen. I hope it doesn't...

Both parties could, to save their own job, not budge... even if both parties are the same party.

The whole idea of a debt ceiling is absolutely ridiculous and meaningless. What's the point of a "ceiling" when those criminals are going to do what they want anyway.
Isn't a ceiling in terms of finance supposed to mean cannot exceed?

How about we just ignore the interest and focus the entire tax collection towards public works. I don't like taxes but if you have to have them at least make them go to American infrastructure and not China or Brazil or the central bankers.

reply to post by highfreq


Well maybe it is a "glass ceiling" but for the rest of us it's a way of focusing the US participation in the NWO austerity plan. Cypress just had all the windows blown out near their Navy base, unless that is the way Greece does Pearl Harbor it's not looking good for their military.

reply to post by Bordon81



Maybe I've been on this site too many years but I hold the opinion that the only way those criminals will ever unanimously agree on a resolution is a false flag or natural disaster.
The country has become to polarized for either side to give an inch, let alone agree on a budget that apperantly has no ceiling to begin with.
An utter waste of time and energy.
Everyone of them should have there pay and benefits cut and fired. If they worked for any other company or employer they would have been fired by now, for incompitence and not producing.
I used to wonder why someone would want to be a politician, but I get it now.
You don't have to do anything and get paid lots and lots of money and "benefits" and you don't have to do anything for it.

First I will apolagize, for not being in the same pedigree of the know it alls. What I am about to write will make no sense to anyone who know's it all. So please forgive my stupidity...


First of all, This whole thing about raising a ceiling in borrowing or raising a debt limit to keep spending, has to be one of the stupidest things I have ever heard the so called human beings that are on top of the food chain on this planet are discussing. To put it into little people terms, it would be like you looking at your credit card and seeing your about to max it out, and calling your credit card company and telling them hey I need you to let me spend another ten thousand dollars right now.. As if it was that simple.. As if their is no regulation no world bank saying um, no, we want our money... This story has to be one of the biggest smoke and mirror stories I have ever read, or heard about.. This whole political rhetoric bs, is just what it is, bs.. I mean if I remember correctly the interest alone is what is killing us in our deficit. If I had to guess, we are going to default.. The political rhetoric is just the way they want to play something that is going to happen. Also how in the World can we just raise our borrowing amount anytime we are about to max our credit out is amazing ling I mean amazing ling out of touch with reality, and makes 0 sense. Ya know we have to make sense here, and nothing I mean nothing in this story about a debt ceiling makes any sense, so that tells me something is wrong.... Very wrong..

Considering we live in a capitalistic society using a currency with no value, however you want to look at it, its a lose lose, situation here, I think the great Eureka moment they had when they decided to just print money with no value to it, may have finally reached its broken end. The depression was never fixed with the minds of intellect either, and it still lingers and man's intellect still has not figured out how to fix it without the price of blood, and chances are speaking of default... We will return to our default.....

Anyhow that is all the drunk moronic idiot Bicent76, has to say please return to you scheduled tv show, dancing with the stars or whatever...

stop paying taxes, EXEMPT, that will get some attention. If we all do it , what are they going to do. They created the situation, we had no say, representation. SO, what cha going to do.

I have ONE QUESTION, are you taxpayers sick and tired of the same ol, same ol, tactics and you the taxpayer funds these IDIOTS, ELITES.

......but but but.....FREE TRADE was supposed to be GOOD for Amerika???????


Please don't tell us our entire National Wealth ended up in China??????


Well go get it back.

reply to post by Pervius


What wealth? YOu've been borrowing and printing for 70 years now.

You know you're being scammed when "more debt" is being deemed as a solution instead of a problem.

reply to post by Vitchilo


If this here is the case (roughly) with an overspend of 1.9 trillion...

787.6 billion in pensions.
898 billion in health care.
140.9 billion in education.
928.5 billion in defense.
464.6 billion in welfare.
57.3 billion in protective services.
104.2 billion in transportation.
29 billion in general government expenses.
151.4 billion in other spending.

Call this simple but why not just spread it over the nine areas and call it...

$1,900,000,000,000
/
9
= $2,111,111,111,11

This would mean cutting each area by around 200 billion, which cannot be done but if you take each percentage of expenditure and use that expenditure to calculate cuts accordingly...

Roughly 1% of each of the 9 sections of the budget = $35.615 Billion

787.6 billion in pensions. = 22.1%
898 billion in health care. = 25.2%
140.9 billion in education. = 4.0%
928.5 billion in defense. = 26.0%
464.6 billion in welfare. = 13.0%
57.3 billion in protective services. = 1.6%
104.2 billion in transportation. = 3.0%
29 billion in general government expenses. = 0.9%
151.4 billion in other spending. = 4.2%

= 100% (rounded the figures off accordingly)

Here's what a balanced budget should look like with the same levels of spending in each area based on current expenditure with 1.9 trillion of savings taken off the current expenditure...

367.2 Billion in pensions
418.7 Billion in pensions
66.5 Billion in education
433.0 billion in defence
216 billion in welfare
26.6 billion in protective services
49.8 billion in transportation
1.49 billion in general government spending
6.98 billion in other spending

Total expenditure = $1.66 trillion



At least this how I read it if it were to be reduced to a break even point which would probably be a breaking point for the people if this were to be done.

Here's what happens if we raise the debt ceiling:

Obama and the Democrats will continue to spend, tax will be placed on millionaires in order to cover the now additional monies spent, the government will continue to spend $1.17 for every $1.00 they receive in these taxes, and then in order to cover that money, taxes will be raised on the Middle Class. Unfortunately, the middle class is shrinking and wealth in this sector is declining rapidly, especially when one factors in inflation. Hmmm...so now it's six months after the ceiling is raised and what do you know?

It has to be raised again.

We have to send a message: NO MORE SPENDING.

Until we take away the credit card, the government will continue to max it out. How many times does this have to happen before people get it??

No amount of taxes will matter.
It does not matter whether it comes from the rich or poor.

The government spends MORE than they take in and have since 1963. Just because someone else is going to pay more and it's not you (I.e. The rich) RIGHT NOW...it will be later.

The government is counting on YOU not to worry about later....which is kind of how we got into this mess in the first place!!!

BTW, the new date is now July 22... or else they won't have time to pass it in time for August 2.

And the latest ``deal`` they have agreed to is... just hold on to your chair...

1 trillion over AT LEAST 10 years in cuts. Gee, all the problems will be solved uh?

Today Obama was fear mongering the entitlements recipients so you know they will probably resolve the issue this week. The public only has about a three day attention span so the media will need to report a resolution to the "crisis" soon. Remember back just a few months ago when the military claimed they were going to stop issuing pay checks? They sent out a payment schedule based on dates the government might go broke to get attention.

Of course I could have underestimated the seriousness of the situation, there probably are some Republicans that would be willing to delay entitlements till September to make it clear that austerity must go hand in hand with any tax cuts.

If the US feds default, the STATES bond market is gonna explode... the cities bonds are gonna explode too.... and maybe even the corporate bonds too.

China and Japan's reaction (since they hold a boatload of US bonds) will be interesting too...

I hope the US defaults, it'll be fun to watch.