sookster
DP Veteran
- Joined
- Jun 12, 2011
- Messages
- 1,838
- Reaction score
- 452
- Location
- In my own world.
- Gender
- Male
- Political Leaning
- Undisclosed
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.
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.
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