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Breaking: Sources: Tentative debt deal calls for up to $2.8T in savings

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posted on Jul, 31 2011 @ 11:53 AM
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Originally posted by jam321
I expect more fighting back and forth and then something passes in the last hours.

It's all about the spotlight and brownie points.


Yeah I hear you.

A lot of partisan snubs and then finally a real comprimise.

Hopefully.




posted on Jul, 31 2011 @ 12:10 PM
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reply to post by Bob Sholtz
 


Past defaults may not have been a big issue financially as it was more than likely a realignment. This upcoming default has global implications since the GAO audit showed that Bernanke gave out $16Trillion in bailout money to foreign banks and governments, etc. A US default would equally devalue all that money, having substantial impacts on repayment, especially with so many other countries in economic chaos. Adding that $16T to our existing $14T, that puts us $30T+ in debt, and that just the 'official' version. Although the global bailout were loans, it would be unwise to allocate that as capital or assets. I'm pretty sure we won't see much of that $16T paid back.



posted on Jul, 31 2011 @ 12:12 PM
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i wanted a default. that would cause real change. sad. they have done this before



posted on Jul, 31 2011 @ 12:13 PM
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reply to post by incrediblelousminds
 


i'm sorry, but you're wrong. a default happens when we can't pay the interest on our debt. we have the money to pay that. we DON'T have the money to pay the interest and keep all the programs we have going. many are complete wastes of money that don't do anything.

the interest is the number one priority. it will be paid. its something we have to pay, most other things can be cut. so then the government is forced to take a look at all the programs we have going and start slashing to keep the ones we need.

if legislation isn't passed, we won't default if the government cuts programs that need to be cut.



posted on Jul, 31 2011 @ 12:16 PM
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reply to post by OuttaTime
 


i know. a true default would be bad, BUT if we don't raise the debt ceiling, it doesn't mean we have to default. we'll only default if we don't cut enough programs/raise taxes. its exactly what we needed legislation to do.



posted on Jul, 31 2011 @ 12:17 PM
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Originally posted by Bob Sholtz
reply to post by OuttaTime
 


i know. a true default would be bad, BUT if we don't raise the debt ceiling, it doesn't mean we have to default. we'll only default if we don't cut enough programs/raise taxes. its exactly what we needed legislation to do.


Exactly, give the problems to another generation. Good thinking



posted on Jul, 31 2011 @ 12:21 PM
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Originally posted by Bob Sholtz
reply to post by OuttaTime
 


i know. a true default would be bad, BUT if we don't raise the debt ceiling, it doesn't mean we have to default. we'll only default if we don't cut enough programs/raise taxes. its exactly what we needed legislation to do.


I agree brother. Sad part is, the money pinchers won't give up anything except for our social support system. Heaven forbid they ever pay their own way.



posted on Jul, 31 2011 @ 12:56 PM
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reply to post by Jordan River
 


i think you misunderstood. the threat of a real default on our interest payments would force the government to cut a lot of programs and raise taxes. it would force them to do what neither side of congress is willing to do. that would start us on the road to recovery.

a bill that only cuts 2.8 trillion is passing the problem on and setting us up to fail.



posted on Jul, 31 2011 @ 01:04 PM
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Originally posted by Bob Sholtz
reply to post by Jordan River
 


i think you misunderstood. the threat of a real default on our interest payments would force the government to cut a lot of programs and raise taxes. it would force them to do what neither side of congress is willing to do. that would start us on the road to recovery.



That makes no sense. IF they wanted to cut spending, then why dont they cut spending? This charade with the debt ceiling is an excellent distraction from the fact none of them on either 'side' have offered any real substantive cuts. IT is not a solution, it is a distraction. Cut spending.



posted on Jul, 31 2011 @ 01:09 PM
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Originally posted by Bob Sholtz
reply to post by incrediblelousminds
 


i'm sorry, but you're wrong. a default happens when we can't pay the interest on our debt. we have the money to pay that. we DON'T have the money to pay the interest and keep all the programs we have going. many are complete wastes of money that don't do anything.


Right. So cut them. Threatening to not raise the debt ceiling is a DISTRACTION from the fact they arent offering any substantive cuts!



posted on Jul, 31 2011 @ 01:43 PM
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reply to post by incrediblelousminds
 


are you just not reading what i'm typing?

the government DOESN'T want to cut spending, but in order for our country to survive, it NEEDS to be done. the government wants to raise the debt ceiling because they want to KEEP spending without making enough cuts to get rid of the deficit.

signing this bill is a death sentence for our country. the debt will become so large that all of our money goes to paying the interest. but there is another option.

don't raise the debt ceiling. congress would then be forced to cut programs and raise taxes. we wouldn't be able to spend any more than we make. our debt would stop increasing.

congress will never pass the legislation we need. neither side wants to cut enough, or raise taxes enough. they're having trouble passing the 2.8 trillion bill, and that doesn't get close to what we need.

raising the debt ceiling without the proper legislation will destroy the country completely. not just default, but complete destruction.
edit on 31-7-2011 by Bob Sholtz because: (no reason given)



posted on Jul, 31 2011 @ 01:48 PM
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Originally posted by Bob Sholtz


don't raise the debt ceiling. congress would then be forced to cut programs and raise taxes. we wouldn't be able to spend any more than we make. our debt would stop increasing.


I grasp you think this is the solution. Many do. What I am saying is not raising it would have catastrophic implications for not only the US economy, but the world world economy. I suspect you dont understand the enormity of this at all.

So, yes, cut spending. Absolutely. Unfortunately, those who are threatening to not raise the debt ceiling are merely providing a distraction for the fact that they themselves have not offered any real, substantive cuts. It's a distraction and apparently its working perfectly.



posted on Jul, 31 2011 @ 02:00 PM
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I expect a default to happen, they just keep on shooting down several solutions to the debt crisis, and with Asian markets opening soon, they will first be hit at 5 PM today if no progress is made, and it just seems there isn't



posted on Jul, 31 2011 @ 02:07 PM
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reply to post by incrediblelousminds
 


You have no idea what you are talking about, you don't even have a 4th grade understanding of debt and economic budgets, you don't dig yourself into a bigger hole by borrowing more, no any body with common sense would tell you that. They should simply take all our money back into this country...meaning GTFO of Libya Iraq Afghanistan,etc, stop feeding the Africans, and start taking care of their own. Pull our troops home, and stop sending our money to help people when we have people in this country suffering more than over there!!!!!
COST OF WAR

Juust look at how much money we'd save pulling out of that dirthole!

edit on 31-7-2011 by ldyserenity because: edited to add and spelling and recinded a comment

edit on 31-7-2011 by ldyserenity because: ADD LINK



posted on Jul, 31 2011 @ 02:24 PM
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Originally posted by ldyserenity
reply to post by incrediblelousminds
 


You have no idea what you are talking about, you don't even have a 4th grade understanding of debt and economic budgets, you don't dig yourself into a bigger hole by borrowing more, no any body with common sense would tell you that. They should simply take all our money back into this country...meaning GTFO of Libya Iraq Afghanistan,etc, stop feeding the Africans, and start taking care of their own. Pull our troops home, and stop sending our money to help people when we have people in this country suffering more than over there!!!!!
edit on 31-7-2011 by ldyserenity because: edited to add and spelling and recinded a comment


Where did I say we should borrow more?I DIDN"T!!!!!!!!

I said that those who are focusing on this charade of the debt ceiling are doing so because it allows them to DISTRACT from the fact that they ARENT cutting any spending.

Cut spending. cut spending cut spending. This debt ceiling 'debate' is a snipping charade!
edit on 31-7-2011 by incrediblelousminds because: (no reason given)



posted on Jul, 31 2011 @ 02:28 PM
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reply to post by incrediblelousminds
 


I thought you said they should raise the debt cieling which in essence would allow them to borrow more? I guess I was misunderstanding.



posted on Jul, 31 2011 @ 02:48 PM
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Yeah $2.8tr over ten years and in ten years time the printing press would had done it's work so that it's only worth one tenth of that.

May i remind people that the USA is spending about $1.5tr more each year then it gets in but it still has the money to spend $2.5bn a day on fighting wars when the USA is not even under attack

This is the elephant in the room and why should tax payers pick up the zionist military budget.
edit on 31-7-2011 by Master_007 because: because i like to edit and tell people about it !



posted on Jul, 31 2011 @ 02:55 PM
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Originally posted by ldyserenity
reply to post by incrediblelousminds
 


I thought you said they should raise the debt cieling which in essence would allow them to borrow more? I guess I was misunderstanding.


Well, I did say that not raising it would be catastrophic, and would make the 2008 'collapse' appear benign by comparison.

Those refusing to pass the raising of the debt ceiling are doing so because it distracts from the fact that they arent offering any substantial cuts in spending.



posted on Jul, 31 2011 @ 03:03 PM
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reply to post by incrediblelousminds
 


no real cuts would ever pass either side of congress, let alone be signed by obama. no one is going to spend their time writing up a bill that will fail. neither side has the balls to do what's needed.

i don't think we will default if we don't raise the debt ceiling. the spending cuts that result may be painful, but they're necessary. i think it would restore confidence in the dollar globally.



posted on Jul, 31 2011 @ 03:22 PM
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Originally posted by Bob Sholtz


i don't think we will default if we don't raise the debt ceiling. the spending cuts that result may be painful, but they're necessary. i think it would restore confidence in the dollar globally.


I get that you think that. But it is not true. Bitter pill as it may be, not passing the raising of the debt ceiling would collapse the dollar over time.



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