Obama Warns of U.S. Debt Default Danger - BBC

reply to post by xuenchen


The thing was, I was really on the fence about whether or not there was a danger of us defaulting on our debt. I wanted to know an intelligent person's opinion, and Obama really is intelligent.

It is hard to read the politics right now, but it seems like the Tea Party faction of the House of Representatives may not be intelligent enough to know the repercussions of their actions, and may be willing to go off a cliff here to prove a point -

Obama said that he was not going to interfere with Executive Orders after consulting lawyers, because it would be unconstitutional.

The Senate probably thinks that it is not proper form to try and destroy Obama Care by attaching it to the funding bills, this is kind of holding the country hostage, to be honest.

I am not sure what Boehner thinks about all of this, the Republican party could split over this, I heard.

reply to post by SouthernForkway26


I wonder about the government shutdown and hitting the debt ceiling, it is possible that they could end up streamlining our government and getting rid of bureaucracy. But let's look... who is going to negotiate.

Boeher and the Democrats in the Senate are not willing to negotiate.

On Wednesday evening Mr Obama met Republican House Speaker John Boehner, as well as Senate Republican leader Mitch McConnell, Democratic Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi at the White House.

Mr Boehner later left the talks complaining that the Democrats would not negotiate.

"All we're asking for here is a discussion and fairness for the American people under Obamacare,'' he told reporters.

Boehner might be willing to negotiate, but this would involve him breaking party lines, and like I mentioned earlier, could schism the Republican party into the Tea Party fringe and centrists.

Harry Reid said Democrats were "locked in tight on Obamacare'' and neither the president nor Democrats in Congress would accept changes to the law as the price for a deal on reopening the government.

The view on the shutdown from deserted landmarks and government buildings in Washington and New York
Analysts say Mr Boehner could end the current government showdown by allowing the House to vote on a "clean" budget bill that does not alter the health law, because that could pass with a coalition of Democrats and moderate Republicans.

But doing so would risk his standing with the most conservative elements of his caucus.

Obama said that he would not interfere using the 14th Amendment, because after discussing it with his lawyers, he thought it would be unconstitutional. If he did end up doing so, it could end up getting him impeached (and he would know this going in, but would do it anyway to keep us from defaulting).

alienreality
I'm wondering if I get this right, Obama spends more money in a few years than all the presidents combined, and then complains that republicans are causing an issue paying this debt..

After hearing his psychopathic lying on a daily basis, it just keeps surprising me to hear the audacity of this person.. Amazing to study Obama's behavior as you would a small child's. His sense of responsibility compares very evenly with someone like an ornery defiant teen.. I wonder if his behavior will one day be studied by psychiatrists and sociologists..

edit on 3-10-2013 by alienreality because: fix

You obviously have a poor memory. Your debt mountain was created by the last republican president. He borrowed heavily to fight your war in Iraq.

When Obama came to power your debt was already high (like most countries in the world) and to compound things there was a credit crisis caused by American finance companies selling mortgages to people who could not afford to pay them back.

Obama seems to be a good man and making health insurance affordable is a good thing.

Your psychoanalysis of Obama is silly.

reply to post by darkbake


The federal reserve is still going to be collecting its debt no matter if the government is open or not. The bank doesn't really care if you're unemployed or whatever hardship you may have, they still want their mortgage payment.

The government is still going to be collecting revenue (taxes) to keep the debt payments current, so to speak, until Oct 17 when there isn't enough revenue and we can't borrow anymore. Somebody won't be able to get paid, therefore the government defaults on its debt.

Federal reserve /= U.S. Government

DrEugeneFixer

xuenchen

The Federal Reserve and the international banks *HATE* that.

Why would the federal reserve 'hate' a balanced budget? I don't recall them flipping out when Clinton rana surplus in the 90's.

How can the Federal Reserve survive without debt ?

No debt = no interest ?

no interest = ?

xuenchen

DrEugeneFixer

Why would the federal reserve 'hate' a balanced budget? I don't recall them flipping out when Clinton rana surplus in the 90's.

How can the Federal Reserve survive without debt ?

No debt = no interest ?

no interest = ?

You are aware that the federal reserve sends its profits to the US Treasury Department? The profits don't go to private citizens.


Furthermore, they don't need interest payments to buy things. For example, when they buy bonds from a bank, they just write numbers down on a computer screen, and credit the bank's account at the fed, without giving up any resources.

So, I'll repeat my question: The last time the Federal Government ran a surplus, was there any sign of displeasure on the part of the Fed?

I don't see any reason to believe that the Fed would object to a balanced budget, not for any selfish reasons, anyway.