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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (612152)5/24/2011 10:14:31 PM
From: combjelly  Read Replies (1) of 1579670
 
"We could have a permanent totally inflexible and perfectly enforced debt ceiling and the faith and credit of the US would not be in danger for now."

Not even vaguely true. The rating agencies had stated that they consider any defaulting on spending to be a sovereign default, not just service of the debt. And this isn't just politics speaking, at least one of the rating agencies has this as one of their rating criteria on sovereign debt.

Just look at history. The last time the Republicans played these games during the Clinton administration, our bonds got temporarily downgraded. Just a hint of defaulting on some of our obligations was enough, no doubt an actual default would be even worse.

But, you don't really operate in the real world, but one of wishes and hopes, so I don't expect this to make much difference.
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