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Thread: Obama says he cannot guarantee Social Security checks will go out on August 3

  1. #31
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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by donsutherland1 View Post
    The question concerned whether some language in the 14th Amendment provided such authority. Most legal scholars I've seen quoted suggest that the 14th amendment's language only makes a case that debt payments would have priority over other expenditures.
    Thank you for the answer, I can't click "like" because I don't like it. The leaders in Washington need to start working harder.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by commonsense View Post
    This is another Obama lie. Scaring old folks and cripples is not beneath Mr Obama, but would be beneath a President.
    How much cash will the government have on hand to start August 3?
    How much tax revenue will it receive that day?
    What will be the size of the debt payments (principal and interest) it will need to make on August 3?

    Once those questions are resolved, then one will know the maximum amount of cash available to meet non-debt-related expenditures, including Social Security, on August 3. Those calculations will need to be repeated for many days forward to assure that payments made early on don't lead to default on debt obligations later one. Unfortunately, August is as terrible a month as any for maturing debt. A total of $500 billion in Treasury securities will mature that month, and not all of those securities would be rolled over in the face of no agreement to raise the debt ceiling. In contrast, August 2010 saw just under $164 billion in monthly tax receipts. With this year's tax receipts running about 9% above last year's in recent months, the August 2011 revenue figure could fall in the $175 billion-$185 billion range. In short, there will be very little margin for error.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by Erod View Post
    If they want riots in the streets....literally.....then go ahead.
    That's precisely the reason many countries, when faced with truly painful austerity to assure that they can meet their debt obligations or default, have chosen the path of default.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by The Prof View Post
    merely answered a question concerning a hypothetical?

    oh, please
    As the outcome to which the question related has not occurred and is not cast in stone, it is hypothetical. If one were dealing with April, one could be reasonably sure that the Social Security payments would be made. August has lower revenue and, in this year, an abnormally high amount of maturing debt.

    Finally, I suspect that odds strongly favor a deal to raise the debt ceiling. The posturing over the past few days is more than likely the beginning of the end of the impasse. The sides are trying to show strength so that they can later assert they did their best (for their interests/constituencies) before they cut a deal that all will find imperfect.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    It will soon be time to vote them all out of office. We need to find some people to elect that can do the job and on time.
    "I can explain it to you but, I can't understand it for you"

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    "Am I angry about it? I sure as hell am," Boehner said, according to remarks obtained by Fox News.

    Oh, goody. I'm glad he's in the same shape I am.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    “If, in fact, Mitch McConnell and John Boehner are sincere – and I believe they are – that they don't want to see the US government default, then they're going to have to compromise just like Democrats are going to have to compromise, just like I have shown myself willing to compromise,” Obama said, referring to the Senate minority leader and House speaker.
    Obama on debt ceiling: Is he winning over Americans? - CSMonitor.com

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    Re: August 1, 2011

    Quote Originally Posted by Erod View Post
    BS.

    Social security payments and the debt ceiling have nothing to do with each other.

    Minnesota shut it government down weeks ago. Has it imploded yet?
    Shut down due to lack of passed budget and a federal debt ceiling hit are not the same thing at all.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by donsutherland1 View Post
    As the outcome to which the question related has not occurred and is not cast in stone, it is hypothetical.
    no, it's the most crass politicking and fear mongering i may ever have seen and it makes the president look very, very small

    mean and small

    with all due respect, you're out of touch

    politics is in the gut and this is a suckerpunch

  10. #40
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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Is this not true? I mean, as bad as it may sound, that doesn't mean it's not true... right?
    A man without fear is a fool, a man that succumbs to his fear is a coward and a brave man acknowledges fear yet presses on.
    http://soulinblackandwhite.blogspot.com/

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