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American soldiers in Afghanistan have been warned they may not be paid after President Obama failed in an 11th-hour attempt to reach a settlement over the U.S. deficit. In a crisis that has potentially devastating consequences for the world economy, the U.S. will run out of money to pay its bills next Wednesday unless squabbling Washington legislators raise the country's $14.3 trillion (£8.7tn) debt ceiling. Troops fighting in Afghanistan have been told that the Obama administration is expected to make their salaries a lower priority than interest payments to foreign bond-holders.
'I have confidence that at some point in time, whatever compensation you are owed, you will be given.'
'No one believes this will really happen,' a City financial expert told The Mail on Sunday, 'so no one has thought through the consequences. Even if the U.S. continues to make interest payments to creditors, it will unnerve markets and probably lead to a lowering of its credit rating. 'That means the value of U.S. bonds held by banks will fall and they will have to raise more capital in order to meet their required asset levels and that in turn could force up interest rates, causing a recession.'
Originally posted by Iamonlyhuman
My 80 year old mother called in tears when they announced that social security could be stopped... You just don't do that to people, especially my mother. It's unforgivable and I won't forget it either. I wonder how many military spouses with kids are calling their families in tears. Don't they have enough to worry about as it is?
Originally posted by pplrnuts
What I dont understand is how some of the Right wing-nuts and Tea baggers on here have THE NERVE to even suggest that they dont give a hoot if those on Social Security dont get their checks as well as soldiers not getting theirs.
Originally posted by Dr Expired
Can someone honestly explain how the USA is in this much debt?
There lies the conspiracy of the age.
But I doubt anyone will bother.
Thats how they always get away with it,Aliens, UFOs, Greys.
Meanwhile crooks have accumulated nillions of dollars and are buying up cities in China to make squillions more.