Page 1 of 5 123 ... LastLast
Results 1 to 10 of 50

Thread: House rejects Senate Democratic debt bill(edited)

  1. #1
    Professor
    sookster's Avatar
    Join Date
    Jun 2011
    Location
    In my own world.
    Last Seen
    06-27-17 @ 10:17 PM
    Gender
    Lean
    Undisclosed
    Posts
    1,838

    House rejects Senate Democratic debt bill(edited)

    I read this article when I was done checking my online email:

    Debt-limit deadlock; Senate kills Boehner bill - politics - Capitol Hill - msnbc.com

    The article is attempting to reveal to the Americans how the process is going with regards to a comprehensive bill that would hopefully keep us from defaulting on our debt as a country. In my opinion, it does a pretty decent job at it.

    I feel like my concern earlier is coming into fruition. I felt that seven days would not be enough time for both houses of Congress to accept a comprehensive bill. As Obama wanted, he wanted a bill that was a long term solution, not a short one. Problem is, there are hundreds of law makers that are doing their best to represent their districts. The whole process maybe good when a dire situation is not looming, but when there is an emergency the whole process is very inefficient.

    And so I am afraid of what is going to happen on Tuesday. I feel that there is even more change now that we will default on our payments to our debt. Our bonds are going to go from AAA to AA, and China is most likely going to seek to re-consolidate their debt with a higher interest rate. No one will purchase it, because everyone in the world knows that America does not have the money. Then, per our agreement, China is going to demand America to cough up either money or assets, and well, knowing how our society works we probably won't. Considering all the deficit defense spending, I wouldn't be surprised if America said something along the lines of "Come and get it."

    Of course, I am not a future teller, so this most likely won't happen. But I was express that if we were to default, not only are we facing harder economic times, but our relations with other countries are going to diminish. This will be bad for us in the far future.

    Hopefully these law makers do what they are supposed to do, and make a law by August 2nd.
    Last edited by Redress; 07-30-11 at 06:05 PM. Reason: To Comply with BN guidelines-Title changed.

  2. #2
    Global Moderator
    Moderator
    Helix's Avatar
    Join Date
    Jul 2011
    Last Seen
    Yesterday @ 10:42 PM
    Gender
    Lean
    Independent
    Posts
    37,069

    Re: Default is looming

    a short term bill might not stave off a credit downgrade.

    it seems the goal is to have a second default crisis in '12 to be used as a campaign issue. given the stakes, that is highly irresponsible.

  3. #3
    Banned
    Join Date
    Oct 2008
    Last Seen
    01-03-16 @ 02:05 PM
    Gender
    Lean
    Undisclosed
    Posts
    12,761

    Re: Default is looming

    Yes, the default is looming, and this "agreement" will not do anything to prevent it.

    So long as the US is the defacto world currency all that will happen is that the printing presses will be running so hot they'll be smoking inflating the economy to cover debts, until the economy resembles :
    - Venezuela when their economy tanked
    - Weimar republic
    - Zimbabwe
    Or one of the hundreds of other examples of what happens when the currency of a country is over-inflated to cover costs.

  4. #4
    Banned
    Join Date
    Jun 2011
    Last Seen
    03-16-12 @ 11:02 PM
    Gender
    Lean
    Libertarian
    Posts
    7,624

    Re: Default is looming

    We are not going to default. We are not going to default. We are not going to default. We are not going to default. We are not going to default.

  5. #5
    Gradualist

    Join Date
    Apr 2011
    Last Seen
    09-25-17 @ 12:48 PM
    Lean
    Socialist
    Posts
    34,949
    Blog Entries
    6

    Re: Default is looming

    Im about 65% sure there will be a last second deal like there always is...


  6. #6
    Sage
    lpast's Avatar
    Join Date
    Mar 2011
    Location
    Fla
    Last Seen
    05-21-16 @ 10:12 PM
    Gender
    Lean
    Independent
    Posts
    13,565

    Re: Default is looming

    I hope the SS checks dont go out for at least a month...that will wake up the giant as to what the teaparty is all about...just what the country needs

  7. #7
    Educator U.S. Socialist.'s Avatar
    Join Date
    Jul 2011
    Last Seen
    04-18-12 @ 04:55 PM
    Lean
    Socialist
    Posts
    913

    Re: Default is looming

    Quote Originally Posted by TheDemSocialist View Post
    Im about 65% sure there will be a last second deal like there always is...
    They better hurry then. A last minute deal can't be done at midnight like the government shutdown was. This takes a few days to go through the system.

  8. #8
    Si vis pacem, para bellum
    Μολὼν λαβέ's Avatar
    Join Date
    May 2011
    Last Seen
    09-29-17 @ 11:22 PM
    Lean
    Conservative
    Posts
    6,914

    Re: Default is looming

    Quote Originally Posted by BmanMcfly View Post
    Yes, the default is looming, and this "agreement" will not do anything to prevent it.

    So long as the US is the defacto world currency all that will happen is that the printing presses will be running so hot they'll be smoking inflating the economy to cover debts, until the economy resembles :
    - Venezuela when their economy tanked
    - Weimar republic
    - Zimbabwe
    Or one of the hundreds of other examples of what happens when the currency of a country is over-inflated to cover costs.
    Obama's Legacy...
    Quote Originally Posted by Redress View Post
    Generalizations are stupid.
    Quote Originally Posted by Joe Steel View Post
    The Second Amendment has nothing to do with guns.

  9. #9
    Sage
    PeteEU's Avatar
    Join Date
    Mar 2006
    Location
    Denmark
    Last Seen
    12-10-17 @ 07:36 PM
    Gender
    Lean
    Centrist
    Posts
    29,089

    Re: Default is looming

    Quote Originally Posted by Μολὼν λαβέ View Post
    Obama's Legacy...
    ...... You mean Bush and Reagan. They did 80% of the debt after all...
    PeteEU

  10. #10
    Professor
    Baralis's Avatar
    Join Date
    May 2009
    Location
    MO
    Last Seen
    12-05-17 @ 03:53 AM
    Gender
    Lean
    Independent
    Posts
    2,394
    Blog Entries
    1

    Re: Default is looming

    Quote Originally Posted by Helix View Post
    a short term bill might not stave off a credit downgrade.

    it seems the goal is to have a second default crisis in '12 to be used as a campaign issue. given the stakes, that is highly irresponsible.

    A long term bill may not stave off a credit downgrade. One agency has already downgraded our rating and others are threatening but not on the debt ceiling alone. They are threatening to lower our rating if we do not pass a bill with at least 4+ Trillion in debt reduction.

Page 1 of 5 123 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •