[paraclete]

Hello again, Steve:

So, you AGREE that the 47% of the people who DON'T pay federal income taxes, SHOULDN'T pay federal income taxes because it'll HURT 'em. I KNEW you'd come around.

excon

No Ex he means you shouldn't be mean to the rich and expect them to pay taxes when the other half doesn't. So get off that socialist bike and forget taxation, you don't need it anyway, just legalise drugs and tax that, an instant cure to the US economic woes

[speechlesstx]

You mean this "holy spirit' thing? I know. If you hear voices that tell you to do stuff then there are problems in the head.

Try to keep up, we're discussing the debt, not religion.

Obama: "Pull off the Band-Aid. Eat our peas."

[NeedKarma]

Try to keep up, we're discussing the debt, not religion.

I am keeping up, you were talking about not "listening to the voices" here: Ask Me Help Desk - View Single Post - Debt limit

P.S. you're one of those voices from your party, are you not?

[speechlesstx]

So, you AGREE that the 47% of the people who DON'T pay federal income taxes, SHOULDN'T pay federal income taxes because it'll HURT 'em. I KNEW you'd come around.

That single mom, raising 2 kids and working her a$$ off for not a lot of anything, I have no problem with her getting 100 percent of her withholding back. That deadbeat not even trying, yeah he needs to contribute to society, not suck the life out of it.

[NeedKarma]

That deadbeat not even trying, yeah he needs to contribute to society, not suck the life out of it.

I think we all agree on that.

[paraclete]

You need to get this done quick otherwise you are going to beat Italy to default and you can't let that happen

[tomder55]

No we won't that(we will default ) is the biggest lie since Paulson got on his knees begging Pelosi to pass TARP. All it means is that there will be less money after debt service to run the bloated Federal Government.

[paraclete]

no we won't that(we will default ) is the biggest lie since Paulson got on his knees begging Pelosi to pass TARP. All it means is that there will be less money after debt service to run the bloated Federal Government.

What is the biggest lie? That you are going to default? That Italy is going to default? I don't know which one has the better odds at this moment. I know the stock market is very nervious and you are exporting that nerviousness.

We need to get all this in perspective. It is like a game of dominoes and we are waiting for the first domino to fall. It really doesn't matter whether that is the one on the end, or the one in the middle, the result is the same

[excon]

Hello again,

Since NOT approving a raise in the debt limit APPEARS to solve every Republicans wet dream of SHRINKING government to its nubs, that they're convincing themselves that nothing bad will happen if they do it THIS WAY.

Talk about DELUSIONS!!

excon

[tomder55]

Clete ;all it means is that the President and the Treasury sec. will have to sharpen their pencils and make some tough spending choices. You think we couldn't trim enough fat out of discressionary spending to offset the amt they want to raise the limit ? If we can't do that then we are Italy and Greece.

[speechlesstx]

Talk about DELUSIONS!!!

So what are you saying, that if we fail to raise the debt ceiling by Aug. 2nd all revenue will cease to flow into the treasury and government just stops paying its bills?

[excon]

So what are you saying, that if we fail to raise the debt ceiling by Aug. 2nd all revenue will cease to flow into the treasury and government just stops paying its bills?

Hello Steve:

ALL revenue?? Nope - not ALL. But, it will be reduced enough to the point where the treasury will have to DECIDE which commitment it's going to meet and which one it isn't...

It's the ones where we DON'T meet our commitment that'll cause major economic repercussions. I KNOW you'd rather believe the right wing ideologues, rather than economists, but you're doing so at the COUNTRY'S peril...

If it were me, I wouldn't be doing it. You shouldn't either.

excon

[tomder55]

It won't be the 1st time the debt limit deadline is passed. The only difference this time is that Congress doesn't want to give POTUS a blank check. Maybe if the President spent some time proposing a budget instead of duffing we would have a sense of his spending priorities (although we can guess from past performance it is ever upward ,ever budget busting ). Will there ever be a point where a debt limit actually means you don't spend any more??

[speechlesstx]

Clearly, Obama we must follow the example of that tax-dodger Charlie Rangel and ask himself, what would Jesus do?

P.S. Charlie, Jesus would pay his taxes.

[excon]

Will there ever be a point where a debt limit actually means you don't spend any more ??????

Hello again, tom:

No... That's because it's the WRONG way to impose fiscal policy. It's kind of like thinking that since an engine WILL blow up at 9,000 RPM'S, that it's OK to run it all day long at 8,900 RPM'S... It's like thinking we'll prosecute a war until we've expended 100,000 bullets...

Sensible policy is enacted by sensible people. We don't have those.

excon

[tomder55]

Don't you think the good folks at ATF and the Dept of Education deserve an extended vacation ?

[NeedKarma]

don't you think the good folks at ATF and the Dept of Education deserve an extended vacation ?

What would Jesus do?

[talaniman]

Tsk Tsk, the bad part about being stuck on your own ideas is that it closes the mind to other options, and opportunities.

You raise the debt limit ASAP, with no strings attached to prevent Wall street from tanking, to keep interests from rising, and to keep Government functioning through paying all its obligations.

We have defaulted before, due to technical glitches,

Professor: US Did Default in 1979

They found “that the series of defaults resulted in a permanent increase in interest rates” of more than half a percent. That half a percent translated into billions of dollars in increased interest payments on the nation’s debt. “The impact is smaller at first because only new debt is affected,” they wrote according to the Post. “But over time, as the older debt matures and becomes refinanced at higher rates, the entire cost of the default is realized.”

The 1979 event is tiny compared to the size of payments the Treasury could have to forego if it can no longer borrow money Aug. 2. However, it does show what can happen if a payment is missed. “It creates doubt, and I think that’s the real lesson,” Zivney told the Post.

“The market has a much longer memory than individuals.”

So let the date pass without resolution, it will be interesting to see what repubs do when they have added to the debt, they are trying to pay. I mean anyone ever heard of paying a late fee when you are a few days late on a mortgage or a carpayment? Or an overdraft fee for a bounced check? That's exactly what happens when the debt ceiling is not raised. No excuse, or ideology will change that. Just ask any lender, or banker, what happens when you are late, and you go back to borrow a few bucks?

Arguments and opinions are nice, but facts are facts. Go ahead, don't blink!

But I am curious about what the DEMS will cut first when we do default. Aren't YOU?

[tomder55]

A whole half %... wow! Interest rates in the late 1970s were in double digits .

[excon]

Hello again,

So, it looks to me, like we're going to find out what it's going to do, because there's enough Republicans who agree with tom to put it to the test.

If it imposes some discipline, then I agree with tom, 05% ain't squat... But, if it throws us into a worldwide depression, which it COULD, I don't think it's a very good gamble - and I'm a gambler.

The TRUTH is, the Republicans have NO idea WHAT might happen, but they're WILLING to gamble... Personally I don't want my leaders doing that. They SUCK.

excon