Boehner prepares to let the US default

The top Republican in the House of Representatives warned President Barack Obama over the weekend that he’s ready to let the United States default — and that the White House is to blame.

House Speaker John Boehner (R-Ohio) told ABC’s “This Week” on Sunday that Republicans in his chamber would not immediately honor the White House’s request to raise the US debt ceiling, setting the stage for what would be the first ever federal default in the history of the country.

Answering whether he thinks a default is imminent, Boehner said, “That's the path we're on."

Russian Times

reply to post by darkbake


Here are some more details on the story.



Link - RT

That means that there is a possibility that these entities will not be paid the interest they are owed. Obama has said in the past few weeks that social security checks and disability will not be sent out if we hit the debt limit.

reply to post by darkbake


I would rather they default now than wait for Obamacare to bankrupt the nation later.'

The sooner we take the pain the sooner we can recover. It's coming either way.

Greetings,

The United States can't avoid a financial default.
It can delay it...but it can't stop it.
THAT is the simple truth of this situation and people need to realize that.

-Amitaba-

reply to post by Eryiedes


Do it now - in 6 months it will only worse - do it before the IRS has everyone's info and will take everything from the poor and middle class-

It's going to happen no matter what - waiting a year will just make it worse.

Stop the gov't from throwing away more money now. They are only going to line their own wealthy pockets and leave even more for the little people - default now.

Right now, the U.S. has roughly $2.5 Trillion in revenues without additional securities sales.

I bet they will pay most incoming maturities and selectively *delay* certain payoffs IF they don't raise the ceiling.

Maybe it's time to take care of ourselves FIRST, and let the foreign interests sweat it out !!!

Start Stiffing the Foreign Interests !!

“I told the president, there’s no way we’re going to pass one. The votes are not in the House to pass a clean debt limit,” Boehner said. “And the President is risking default by not having a conversation with us.”

Why doesn't he put it to a vote and see if there is enough votes to let it pass? Isn't that like his job? And is conversation or meeting demands because other GOP members have said they would vote for it.

You cannot have a debt based system and not expect it to crash eventually. But we need to do a lot of cuts but not the kind of cuts the TP wants.

Happy1
reply to post by Eryiedes

 

Do it now - in 6 months it will only worse - do it before the IRS has everyone's info and will take everything from the poor and middle class-

It's going to happen no matter what - waiting a year will just make it worse.

Stop the gov't from throwing away more money now. They are only going to line their own wealthy pockets and leave even more for the little people - default now.

I completely agree.
This why the establishment is putting ALL of its efforts into distracting the tax livestock and reinforcing the police state we are kept in.
The current government furlough is just a puppet show to cripple both critical & rational thinking of the people enslaved by it.

-Amitaba-

Metallicus
reply to post by darkbake

 

I would rather they default now that wait for Obamacare to bankrupt the nation later.'

The sooner we take the pain the sooner we can recover. It's coming either way.

That may be true - in fact I'm inclined to agree with you - but in the meantime, if we suddenly hit this wall, people aren't going to be getting paid the money they need to survive.

No doubt more than a few of Washington's elite will try to dance round this disturbing statistic: The total number of Americans receiving some form of government assistance has surpassed 128 million. That's more than 1 in 3.

Source

So for one thing, we do have a lot of people on government assistance, around 33%, that are going to be out of money all of a sudden and may not be able to afford food, gas, or other essentials.

Besides the fact that there are a lot of people on government assistance, there are also people who do need assistance in order to have a quality life. As a religious person, I would assume that would be a top priority for a lot of Republicans, also for me as a secular humanist, that is a high priority.

----------

Other than that - you have corporations and individuals and other nations who will not be receiving the interest payments they are owed. They will be affected.

----------

In addition, there are around 12 million government jobs, and an additional 14.6 million people employed by government contractors. In all, 12 million + 14.6 million + 128 million = 154 million Americans who might not be able to pay their bills in November.

----------

So although it may be a decent argument to say we should default, it is not going to hold up very well in implementation whatsoever.

reply to post by darkbake


I say stock up on essentials and let the cards fall.

All we are doing is delaying the inevitable.

buster2010

“I told the president, there’s no way we’re going to pass one. The votes are not in the House to pass a clean debt limit,” Boehner said. “And the President is risking default by not having a conversation with us.”

Why doesn't he put it to a vote and see if there is enough votes to let it pass? Isn't that like his job? And is conversation or meeting demands because other GOP members have said they would vote for it.

I don't know what is going on with Boehner, some are saying that if he does put the bill to vote, it will lose him his position as Speaker of the House due to the Tea Party faction of the Republicans.

@thesaneone: I say stock up on essentials as well, that is the most practical advice people could get out of this thread, thank you sir.

I spent an extra $150 on groceries this month and stocked up for next month. I may go back for more. Even if nothing happens, they are non-perishables.

Metallicus
reply to post by darkbake

 

I would rather they default now that wait for Obamacare to bankrupt the nation later.'

The sooner we take the pain the sooner we can recover. It's coming either way.

Yeah. but what people aren't really seeing is that 55% of that dept is owed to the American people.

Everyone can kiss their retirement and even possibly their 401 and such goodbye.

In a default who do you think will get their money, you or China?

The Rat.

reply to post by TucoTheRat


Yeah, that is what surprised me about that chart. Americans are going to be affected pretty hard. I'm not sure, China might get paid first, yeah? And if we are talking about retired Americans...

Also, think of the job market, how much harder it is going to be to get work.

That may be true - in fact I'm inclined to agree with you - but in the meantime, if we suddenly hit this wall, people aren't going to be getting paid the money they need to survive.

Broke bad now or broke worse later.
I choose sooner with less problems than later on with more problems.

So for one thing, we do have a lot of people on government assistance, around 33%, that are going to be out of money all of a sudden and may not be able to afford food, gas, or other essentials.

This is why unemployment, food stamps and other government subsidies to the poor are at an all time high. A people dependant upon a corrupt state for livelihood are less inclined to rise up or speak out against it.

So although it may be a decent argument to say we should default, it is not going to hold up very well in implementation whatsoever.

Neither conclusion would but the economy is like a band-aid. Pulling it off quickly will still hurt but it will hurt a LOT less than arduously tugging it off gradually and suffering far MORE discomfort.
But this is just one mans opinion.

-Amitaba-

The u.s can't defult.

It's a big fat lie.

We can pay the interest and the principal every month and still have 200 billion left over to redistribute.

Guess what government entity is still open?
Yes, the I.R.S., and they will continue to collect $250 billion every month.

Demonrats are lying and trying to scare everyone.
That's all they have, lies and fear mongering.

Every word that comes out of obamas mouth is a lie.
Same with every other Demonrat.
And a lot of French republicans.

There will not be a default.
Unless of course Obama and the treasury blatantly violate the constitution, again.

reply to post by bjax9er


I don't know if that is true or not, I am hearing conflicting information from both sides and sifting through it is hard to do.

@Eryiedes: Well, the smart thing to do would be to implement some kind of long-term solution that isn't going to immediately shock everyone, but that isn't likely, in the meantime, if this happens I guess I am just saying it is a good idea to stock up on some extra food or something this month.

reply to post by darkbake



That's right!

55% that is a nice load off the government's back if you ask me. It's will enable them to pay off any other country in the world. Leaving the American people high a dry.

Once that happens countries will obliterate the dollar into that stuff you put in a bird cage for birds to poop on.

There is only one loser in this game, guess who that is.

The Rat.

reply to post by darkbake


My wife's aunt has a sams club card and we are going to take her there this weekend so we can stock up on some rice, beans, powder milk and restock our first aid kit and restock on some vitamins.

And the underlying principle is "BUDGET"... which, can anyone tell me when the last official government budget was passed?

Budget the money spent based upon the income. I have to do it, as I have limited resources... as does the government.

Borrowing isn't necessarily a bad thing but when one borrows too much it becomes impossible to repay the bills.

And here we are....

reply to post by darkbake


6 months from now it will be worse - things are not going to get better - don't let the gov't get everyone's bank account numbers from obamacareless - that's what they want.

We're all going to lose money - they are going to take everything - people should take all the money out of their accounts - they are aiming to get it anyway.

Right now, charities can help - 6 months from now - after whatever natural "man-made" disaster they have planned - they probably won't be anything left.