Breaking- US Senate negotiators 'very close' to announcing a deal on debt: Report

camaro68ss

Senduko
I'l put my money on Goldman, he said they will probably miss the 17th deadline, but will be reached before the 31, that's the real important date, the 17th is more symbolic i guess.

Another question i have is, whats up with the banker meeting Obama had 3 weeks ago. Did he give them an insite on his plans? Is he planning to take this county to the brink.

could u link the story sounds interesting?

And besides everyone knows, Goldman wants, Goldman gets.

reply to post by camaro68ss


The 17th is the date that we can no longer play a shell game with the funds on hand, and the incoming revenue, to cover our bills. we will begin using up our reserves and, with negative cash flow, we will be without money to pay the interest, to pay the debt that comes due etc.

Those loans have definitive dates on them. Those dates arrive, the gov't is required to pay back the loan. They can sell new loans but, since they've hit their debt ceiling, the only way they can sell new loans is to first pay off the old loans. If they can't pay them off, and they can't make new ones, they will default on the debt and that would be catastrophic.

reply to post by Crakeur


To the tune of about $302 billion dollars, lol

catastrophic would be an understatement ...

OtherSideOfTheCoin

Senduko
I'l put my money on Goldman, he said they will probably miss the 17th deadline, but will be reached before the 31, that's the real important date, the 17th is more symbolic i guess.

the 17th is date at which the US Treasury will only have tax income to pay its bills and tax income alone is not enough.

At least thats what i have read I think.

Basically they can no longer issue any more bonds and only have tax to play with and that will not be enough to pay the bills when the start coming in.

There is no doubt they will have to cut all planned spending when they start running on cash only. But technically via the 14th amendment, the president is obligated to pay principal and interest on its federal debts first. If anything other then that happens, Obama would have directly violated the constitution and should be impeached referencing the 14th amendment.

Interest on those debts is only 30 billion month. the government brings in 300 billion a month. the principal can then be rolled over so the only important part is payment on the interest!

10:15 AM
The President and the Vice President receive the Presidential Daily Briefing
Oval Office
Closed Press


12:30 PM
The President and the Vice President meet for lunch
Private Dining Room
Closed Press
Press Briefing by Press Secretary Jay Carney

2:25 PM
The President and the Vice President meet with Secretary of the Treasury Lew
Oval Office
Closed Press

3:05 PM
The President and the Vice President meet with Secretary of State Kerry
Oval Office
Closed Press

This is the POTUS schedule...All the key people.

This is what we need...what would happen if he strolled into the House and walked up to the podium and simply said Samuel L style " Fix this sh#t and fix it now".... Told them all to stay till it was done. He would be a leader. There is something in the background. Distraction and Deflection are at 110% right now...

Sen. Kelly Ayotte (R-New Hampshire) told the Associated Press early Wednesday that leaders in her chamber reached a deal that would end a shutdown now in its second week, while also raising the nation’s debt ceiling and in turn increasing the country’s ability to borrow from international lenders. The deal would keep the government open through at least January 15, the AP reported, and the debt ceiling would be raised through February 7.

RT


There you have it, more debt.

reply to post by Senduko


it wasn't that big of a story. several of the usual wall street CEO suspects, Dimonc Blankfeld etc, met with Obama to discuss the impact a default would have on the economy.

The ironic part of the whole meeting was that the banks that attended were the same banks that, a mere 5 years ago, had to meet with Obama so he could help devise a way to bail them out. now they were doing the same thing, for him.

In other words, the guys who needed economic advise and help are now giving economic advice and help to the guy who helped them.

all the more mind boggling since, at the time of the meeting, the US gov't was in the process of working on the billion dollar fine they were going to hit goldman with for a variety of improprieties.

reply to post by matafuchs


more like "get these mother.f..ing snakes out of the mother..fing gov't"

reply to post by camaro68ss

The government brings in something like 300 billion dollars a month in tax revenue. Our interest on the debt is only 30 billion dollars a month. It can be prioritized. Its all fear mongering.

true but that $300bn is only enough to pay something like 65% of the governments bills, that means some will go unpaid and confidence the the American economy will fall. It will create a catastrophic downward spiral, if they cant pay the bills they can't pay all the workers who in turn cant by the goods the otherwise would have so businesses start go go bust, government gets less tax that $300bn starts to shrink and that 65% grows and the problem gets worse. All the while the yield on those bonds (the interest they have to pay) start to increase and interest rates sore and America loses that AAA rating.

Pretty soon that $30bn is going to increase until one month America will have to chose, do we pay the interest on our debts to other states, or do we keep the lights on for another month. Then it will be forced to default.

Crakeur
reply to post by camaro68ss

 

The 17th is the date that we can no longer play a shell game with the funds on hand, and the incoming revenue, to cover our bills. we will begin using up our reserves and, with negative cash flow, we will be without money to pay the interest, to pay the debt that comes due etc.

Those loans have definitive dates on them. Those dates arrive, the gov't is required to pay back the loan. They can sell new loans but, since they've hit their debt ceiling, the only way they can sell new loans is to first pay off the old loans. If they can't pay them off, and they can't make new ones, they will default on the debt and that would be catastrophic.

i agree its playing with fire but from what i understand, They can prioritize the payments so there would be no default and they have enough money to do it. My Sources are my local congress man tom mcclintock, stossel on the business channel, Andrew P. Napolitano, and others.

i guess we will see what happens.

Oh my Gawd, another bill has been proposed now coming out of the Senate, from the democrats, LOL...


So why will the Republican in the house vote Ya on this bill?

This is the vice versa, of the bill proposed from the house yesterday...


Sigh.. Its complete madness in D.C right now...

dp

OtherSideOfTheCoin
reply to post by camaro68ss

 

The government brings in something like 300 billion dollars a month in tax revenue. Our interest on the debt is only 30 billion dollars a month. It can be prioritized. Its all fear mongering.

true but that $300bn is only enough to pay something like 65% of the governments bills, that means some will go unpaid and confidence the the American economy will fall. It will create a catastrophic downward spiral, if they cant pay the bills they can't pay all the workers who in turn cant by the goods the otherwise would have so businesses start go go bust, government gets less tax that $300bn starts to shrink and that 65% grows and the problem gets worse. All the while the yield on those bonds (the interest they have to pay) start to increase and interest rates sore and America loses that AAA rating.

Pretty soon that $30bn is going to increase until one month America will have to chose, do we pay the interest on our debts to other states, or do we keep the lights on for another month. Then it will be forced to default.

Mathematics does not care about the 14th amendment, if America cant pay its interest then it defaults no matter what the constitution says.

its a very scary and very bad situation but its been inevitable, in 2001 the debt ceiling was at 5.65tn now its about to smash through 17tn, yet they still want a extra 1.1tn just to keep them going for another year of debt.

A super power built on debt is not really a super power.

reply to post by camaro68ss


of course there's a way to breach the ceiling and not default. There's also plenty of ways to bring our spending in line but we're relying on a group of guys that spent 5.1 million on wine glasses the day before the shutdown and 600 plus million on a website that doesn't work. You're assuming these back slapping, favor granting morons who can't even balance their own check books are going to be able to do the proper, prudent thing.

that, my friend, is a bad bet.

matafuchs
10:15 AM
The President and the Vice President receive the Presidential Daily Briefing
Oval Office
Closed Press


12:30 PM
The President and the Vice President meet for lunch
Private Dining Room
Closed Press
Press Briefing by Press Secretary Jay Carney

2:25 PM
The President and the Vice President meet with Secretary of the Treasury Lew
Oval Office
Closed Press

3:05 PM
The President and the Vice President meet with Secretary of State Kerry
Oval Office
Closed Press

This is the POTUS schedule...All the key people.

This is what we need...what would happen if he strolled into the House and walked up to the podium and simply said Samuel L style " Fix this sh#t and fix it now".... Told them all to stay till it was done. He would be a leader. There is something in the background. Distraction and Deflection are at 110% right now...

10:00 am huh???

if i was POTUS, and my county was on the brink, i think i would be getting up a little earler.

on a normal day, i would be starting at 7:00-7:30am like the rest of america

guys just checked, Dow Jones just jumped another 200 points on word of this deal

the Markets seem to be acting like this is "the deal" that will stop all this bickering

Silly congress, its like putting a band-aid on a dam with a leak.....sooner or later the water will erode all that they have worked for.

Fix the damn problems, quit spending so much on toilet seats and hammers and put the money where it needs to be.

THE PRIVATE SECTOR!

reply to post by OtherSideOfTheCoin


Can't the market be manipulated to starve off panic? If not this is good news. What I want to know is how do "they know". Its confussing.

OtherSideOfTheCoin
guys just checked, Dow Jones just jumped another 200 points on word of this deal

the Markets seem to be acting like this is "the deal" that will stop all this bickering

Terribly disappointing. If they pass a budget I'm going to be bummed for the foreseeable future. Things needed a reboot, but instead they're tucking the sheep back into bed. I don't know why I thought this was anything more than political theater for the drowsy.

reply to post by OtherSideOfTheCoin


LOL if talk about some quantum computing at work, You don't think that reflects the mood of the people right?

Thanks for the explanation Crackeur!