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beatlesinthebog

Auckland, New Zealand

#21 Oct 8, 2013
tallyho wrote:
<quoted text>
corruption is a timed doing , according to some beliefs even Jesus had two corrupt people out of 12
I reckon the percentage has rather upped itself by now!

“....VETS”

Level 9

Since: Jan 08

WELCOME HOME

#22 Oct 8, 2013
beatlesinthebog wrote:
<quoted text>I reckon the percentage has rather upped itself by now!
imagine that goes with the sector,,,,,,

Nixon got caught so 1of 44 as say 9of10 illegal parkers

“Truth + context + perspective”

Since: Nov 09

informs against BS

#23 Oct 8, 2013
beatlesinthebog wrote:
<quoted text>Just an outsiders view...isn't it something to do with the US being on the brink of bankruptcy,to simplify things?
Our earnest N.Z. friend ... what this is, is Congress shooting itself in the foot, and the rest of us in the a$$, so to speak.

This article states that only U.S. and Denmark has a debt ceiling in fiscal matters.

For us, our debt ceiling deals paying obligations already authorized *** by Congress ***

http://en.wikipedia.org/wiki/Debt_ceiling
The United States debt ceiling or debt limit is a legislative restriction on the amount of national debt that can be issued by the Treasury. Because expenditures are authorized by separate legislation, the debt ceiling does not actually restrict deficits. In effect, it can only restrain the Treasury from paying for expenditures that have already been incurred.

The United States has had some sort of legislative restriction on debt since 1917. Periodically, a political dispute arises over legislation to raise the debt ceiling. When the debt ceiling is reached, the Treasury has undertaken "extraordinary measures" which buy more time for the ceiling to be raised. The United States has never reached the point of default where the Treasury is unable to pay its obligations. If this situation were to occur, it is unclear whether the Treasury would be able to prioritize payments on debt to avoid a default on its debt obligations, but it would at least have to default on some of its non-debt obligations. A default could trigger a variety of economic problems including a financial crisis and a decline in output that would put the country into a recession.

A 2011 Government Accountability Office study found "the debt limit does not control or limit the ability of the federal government to run deficits or incur obligations. Rather, it is a limit on the ability to pay obligations already incurred."[3] Earlier reports to Congress from other experts have repeatedly said that the debt limit is an ineffective means to restrain the growth of debt.[4] James Surowiecki argues that the debt ceiling originally served a useful purpose. When introduced, the President had stronger authority to borrow and spend as he pleased; however, after 1974, Congress began passing comprehensive budget resolutions that specify exactly how much money the government can spend.[5]
beatlesinthebog

Auckland, New Zealand

#24 Oct 8, 2013
Deer Whisperer wrote:
<quoted text>
Our earnest N.Z. friend ... what this is, is Congress shooting itself in the foot, and the rest of us in the a$$, so to speak.
This article states that only U.S. and Denmark has a debt ceiling in fiscal matters.
For us, our debt ceiling deals paying obligations already authorized *** by Congress ***
http://en.wikipedia.org/wiki/Debt_ceiling
The United States debt ceiling or debt limit is a legislative restriction on the amount of national debt that can be issued by the Treasury. Because expenditures are authorized by separate legislation, the debt ceiling does not actually restrict deficits. In effect, it can only restrain the Treasury from paying for expenditures that have already been incurred.
The United States has had some sort of legislative restriction on debt since 1917. Periodically, a political dispute arises over legislation to raise the debt ceiling. When the debt ceiling is reached, the Treasury has undertaken "extraordinary measures" which buy more time for the ceiling to be raised. The United States has never reached the point of default where the Treasury is unable to pay its obligations. If this situation were to occur, it is unclear whether the Treasury would be able to prioritize payments on debt to avoid a default on its debt obligations, but it would at least have to default on some of its non-debt obligations. A default could trigger a variety of economic problems including a financial crisis and a decline in output that would put the country into a recession.
A 2011 Government Accountability Office study found "the debt limit does not control or limit the ability of the federal government to run deficits or incur obligations. Rather, it is a limit on the ability to pay obligations already incurred."[3] Earlier reports to Congress from other experts have repeatedly said that the debt limit is an ineffective means to restrain the growth of debt.[4] James Surowiecki argues that the debt ceiling originally served a useful purpose. When introduced, the President had stronger authority to borrow and spend as he pleased; however, after 1974, Congress began passing comprehensive budget resolutions that specify exactly how much money the government can spend.[5]
Interesting...so to put it a nutshell,it's basically bullshit? A nice cover to concentrate the general population's attention away from the serious stuff?

“Truth + context + perspective”

Since: Nov 09

informs against BS

#25 Oct 8, 2013
beatlesinthebog wrote:
<quoted text>Interesting...so to put it a nutshell,it's basically bullshit? A nice cover to concentrate the general population's attention away from the serious stuff?
Depending on how serious a credit default affects global economy and our own... that could be "big sh!t".

Nonetheless, it's a crisis of our [Congress] own making as they represent the American people (at least the voters in all of our 'stripes', and special interest groups (made up of American people and global interests -- since its a global economy).

“We're all Bozos on this bus”

Since: Jan 07

Chicago, IL

#26 Oct 8, 2013
When you're $17 trillion in debt, the big problem that needs to be addressed is not how best to authorize another measly trillion of debt so you don't 'default'.

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