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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (619265)7/14/2011 1:11:26 PM
From: bentway  Read Replies (2) of 1576607
 
Dave, if the debt ceiling isn't raised, the country will not be able to meet it's obligations. There IS no free lunch, and mostly thanks to the (R)'s, we have to borrow more than half of our lunch money.

I listened to a non-partisan bean counter explaining it the other day. Without borrowing, the US will only have enough cash on hand and current inflow to pay 40% of it's outstanding obligations. If we don't make the debt payments to current foreign bond holders, the world economy will TANK as it has never tanked before, including OUR economy!

Now, me, I'd rather see Obama pay the bondholders, pay SS, stiff Medicare and the military and shut down most of government. But, that's me..

You're right about the (R)'s capitulating though. The turtle-man's solution seems to give the House's "power of the purse" to Obama FOREVER! He'll be able to borrow money whenever he feels pinched!
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