Default fears abound as lawmakers see...

Default fears abound as lawmakers seem at a loss on how to agree on raising US debt limit

There are 37 comments on the Star Tribune story from Jul 27, 2011, titled Default fears abound as lawmakers seem at a loss on how to agree on raising US debt limit. In it, Star Tribune reports that:

Neither the House nor the Senate has a clear path forward for must-pass legislation to allow the government to continue to borrow to pay its bills, putting lawmakers and financial markets alike on edge less than a week before the deadline for heading off the nation's first-ever default.

Join the discussion below, or Read more at Star Tribune.

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Since: Jul 07

Hartford, CT

#3 Jul 27, 2011
Our annual revenue is $2 trillion and the interest on our debt is $200 billion, so with proper prioritization there is no way we need to default on our debt…unless the president chooses that we will.

The Republicans have been compromising – proposing an increase to the debt ceiling in exchange for spending cuts and a balanced budget amendment – more than reasonable. Yet Obama is threatening to veto. He and Geithner paint a picture of doom and gloom before the American people, but then assure their bankster buddies behind the scenes that everything will be alright.

The goal, of course, is to push the American people deeper into debt to the banking mob. The continuous printing of money (i.e. the Fed buying Treasury bonds) requires us to pay more and more interest to the Fed – which is a private bank. Meanwhile the Fed will continue to bail out the other private members of their banking cabal – all the while sucking value out of our dollars.

This is what happens when a country’s currency is backed by nothing and is controlled by a private central bank. And Obama the puppet is 100% complicit (as was GWB before him).
McCarthy was right

United States

#4 Jul 27, 2011
Don't get caught up in this latest political scam, folks.

"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary."
H. L. Mencken
Dave

Orlando, FL

#5 Jul 27, 2011
There will be no default no matter how the outcome of this latest battle of the political stars turns out. Obama will not want to be the first president to default as it will seal his demise as a one term president.
Lance Winslow

Orinda, CA

#6 Jul 27, 2011
Dave wrote:
There will be no default no matter how the outcome of this latest battle of the political stars turns out. Obama will not want to be the first president to default as it will seal his demise as a one term president.
Mebbe...but the GOP is sure tryin'.
Chicago Guy

Evanston, IL

#7 Jul 27, 2011
New England wrote:
Our annual revenue is $2 trillion and the interest on our debt is $200 billion, so with proper prioritization there is no way we need to default on our debt…unless the president chooses that we will.
The Republicans have been compromising – proposing an increase to the debt ceiling in exchange for spending cuts and a balanced budget amendment – more than reasonable. Yet Obama is threatening to veto. He and Geithner paint a picture of doom and gloom before the American people, but then assure their bankster buddies behind the scenes that everything will be alright.
The goal, of course, is to push the American people deeper into debt to the banking mob. The continuous printing of money (i.e. the Fed buying Treasury bonds) requires us to pay more and more interest to the Fed – which is a private bank. Meanwhile the Fed will continue to bail out the other private members of their banking cabal – all the while sucking value out of our dollars.
This is what happens when a country’s currency is backed by nothing and is controlled by a private central bank. And Obama the puppet is 100% complicit (as was GWB before him).
I keep hearing this from Tea Baggers like Michelle Bachmann, and it's parroted daily on FoxNews.

But why is it that ONLY far-right conservatives think this????

Moody's and Standard and Poor have TOLD us they will downgrade the US if we don't solve the problem, and meaningfully address the deficit.

Are you accusing RATINGS AGENCIES of playing politics????

Are we really that stupid??

The markets are down four days in a row because of this... and it's only the mild first rumblings.

The Tea Baggers act like this is a fake crisis... but when the shit hits the fan they will accuse Obama of "poor leadership".

How can you lead a bunch of contrary morons, who make up their own facts on every issue??
firehimnow

Eugene, OR

#8 Jul 27, 2011
Moody's and S&P are the same squirrels that triple AAA'd the shit wall street was selling that caused TARP. All they are is toilet paper manufacturers.
Evilmonger

Evansville, IN

#9 Jul 27, 2011
Chicago Guy wrote:
<quoted text>
I keep hearing this from Tea Baggers like Michelle Bachmann, and it's parroted daily on FoxNews.
But why is it that ONLY far-right conservatives think this????
Moody's and Standard and Poor have TOLD us they will downgrade the US if we don't solve the problem, and meaningfully address the deficit.
Are you accusing RATINGS AGENCIES of playing politics????
Are we really that stupid??
The markets are down four days in a row because of this... and it's only the mild first rumblings.
The Tea Baggers act like this is a fake crisis... but when the shit hits the fan they will accuse Obama of "poor leadership".
How can you lead a bunch of contrary morons, who make up their own facts on every issue??
The ratings agencies want $4 trillion in real cuts. Nothing that has been proposed so far, except for the cut,cap, and balance plan, makes the grade. The Dems won't vote for it because it would hamper their ability to pass out the goodies in exchange for votes. ANY credible plan will do the same. The fact of the matter is that what's good for America is bad for Democratic politicians.The only answer is to make the cuts, and then Dems will have to find another way of getting votes.
Justin

Richmond, VA

#10 Jul 27, 2011
Throwing around $1,200 Billion in Mad Money wasn't a smart idea.

Remind me again; what did we spend all that stimulus money on?
Citizen

Wichita, KS

#11 Jul 27, 2011
yes, evilmonger.
If the debt ceiling is raised again as it needs to be, without real substantive cuts our rating will still be lowered.
This is one chance to actually fix something rather than put it off until after an election. The trouble is, only the repubs and Reid actually have any plans. Some were discussed and poo-poo'd many months ago. Why?
Reasonable ideas that might actually make a positive impact for our future (well longer than a couple months) have no foot hold in 1/2 of one house. It's like watching the home you built from scratch with borrowed cash go up in flames while some firemen are lighting matches in secret, locked rooms.
If the debt ceiling were to be raised and "paper" money printed (again), how many times would it need to be done before the next major election?
Does anyone believe that the voters will understand the serious (allbeit crisis mentality) of our current situation?
Fix it -- stop the childlish name calling and blaming and pitting group against group. Man UP - take a stand - have a plan - fix it.
LOL

Bradenton, FL

#12 Jul 27, 2011
Dave wrote:
There will be no default no matter how the outcome of this latest battle of the political stars turns out. Obama will not want to be the first president to default as it will seal his demise as a one term president.
Hey...

o-bomb-a just loooooves to think everything he does is "Historical"....

He even took a "historic" $hit on TV Monday night.....
Evilmonger

Evansville, IN

#13 Jul 27, 2011
Citizen wrote:
yes, evilmonger.
If the debt ceiling is raised again as it needs to be, without real substantive cuts our rating will still be lowered.
This is one chance to actually fix something rather than put it off until after an election. The trouble is, only the repubs and Reid actually have any plans. Some were discussed and poo-poo'd many months ago. Why?
Reasonable ideas that might actually make a positive impact for our future (well longer than a couple months) have no foot hold in 1/2 of one house. It's like watching the home you built from scratch with borrowed cash go up in flames while some firemen are lighting matches in secret, locked rooms.
If the debt ceiling were to be raised and "paper" money printed (again), how many times would it need to be done before the next major election?
Does anyone believe that the voters will understand the serious (allbeit crisis mentality) of our current situation?
Fix it -- stop the childlish name calling and blaming and pitting group against group. Man UP - take a stand - have a plan - fix it.
There is a plan out there that I find very interesting. Google the Mack Penny Plan. It outlines a plan to force the government to enact cuts by mandating a 1% across-the-board cut IN REAL TERMS every year until spending declines to 18% of GDP, where it would be capped. I like it because it gets rid of baseline budgeting, which is the favorite smokescreen of pols who want to raise spending every year without seeming to do so. The pols can cut however they want, but if they don't, the 1% across the board cuts are triggered.:)
WOODCHUCK

North Port, FL

#14 Jul 27, 2011
Many Months ago,a commission was formed,the presidents commission,RECOMMENDATIONS WERE MADE,BY BOTH PARTIES...the Bowels/Simpson committee HAD ANSWERS THEN....The gang of "6" also discounted by OBAMA!.....The "DICK" discounted them,out as of hand the DICK said!....this OBAMA is Brainlocked...only thing on his mind is his reelection...THAT'S IT....No plan from him,no leadership from him.Only Lecturing,blaming,fear mongering,and Class Warfare, and campaigning.....this is the WORST GUY to have as Presid4ent at Americas most critical time......this Boney ass is INCOMPETENT for governing,but a WEASEL in Politics...

America need American Leaders..not Political adventurers

So guess what...The old pros,The Political HACKS,the House and Senate leaders fill in the vacuum....All this misery because America does not have a LEADER!!

GOD DAM AMERICA??...Yer Looking at it!

Never Trust Politrickians

Since: Feb 11

Location hidden

#15 Jul 27, 2011
Chicago Guy wrote:
<quoted text>
I keep hearing this from Tea Baggers like Michelle Bachmann, and it's parroted daily on FoxNews.
But why is it that ONLY far-right conservatives think this????
Moody's and Standard and Poor have TOLD us they will downgrade the US if we don't solve the problem, and meaningfully address the deficit.
Are you accusing RATINGS AGENCIES of playing politics????
Are we really that stupid??
The markets are down four days in a row because of this... and it's only the mild first rumblings.
The Tea Baggers act like this is a fake crisis... but when the shit hits the fan they will accuse Obama of "poor leadership".
How can you lead a bunch of contrary morons, who make up their own facts on every issue??
Oh look it is the hypocrite Chicago gay.... wasn't it your messiah who as a senator berated bush for raising the debt ceiling?

He claimed that ANYONE WHO WOULD SO IS A POOR LEADER.... little did he know he was talking about himself .... ironic aye gay?

Never Trust Politrickians

Since: Feb 11

Location hidden

#16 Jul 27, 2011
Evilmonger wrote:
<quoted text>The ratings agencies want $4 trillion in real cuts. Nothing that has been proposed so far, except for the cut,cap, and balance plan, makes the grade. The Dems won't vote for it because it would hamper their ability to pass out the goodies in exchange for votes. ANY credible plan will do the same. The fact of the matter is that what's good for America is bad for Democratic politicians.The only answer is to make the cuts, and then Dems will have to find another way of getting votes.
so very true.... ohblunder is just upset because congress took away his blank check book.

Never Trust Politrickians

Since: Feb 11

Location hidden

#17 Jul 27, 2011
Justin wrote:
Throwing around $1,200 Billion in Mad Money wasn't a smart idea.
Remind me again; what did we spend all that stimulus money on?
WEll.... 600000 new givermint jobs.... beyond that no one is quite sure... although evrey lib on the planet is sure it is somehow Bush's fault.
jon

Eatontown, NJ

#18 Jul 27, 2011
Justin wrote:
Throwing around $1,200 Billion in Mad Money wasn't a smart idea.
Remind me again; what did we spend all that stimulus money on?
obama said it was shovel ready projects. it was really state bailouts. this guy is a fraud.
crying in the wilderness

Saint Louis, MO

#19 Jul 27, 2011
I don't believe we will default but if we do so what! Washington does not want civil unrest of USA there is not enough money in the world that can buy you out should people loose everything from the idiots in Washington playing the ole game chicken!

Since: Jan 07

Location hidden

#20 Jul 27, 2011
Never Trust Politrickians wrote:
<quoted text>
WEll.... 600000 new givermint jobs.... beyond that no one is quite sure... although evrey lib on the planet is sure it is somehow Bush's fault.
600,000? Try 800,000. Obama has increased the government by +800,000 Federal employees. Correct me if I am wrong, but didn't Obama say (during campaign) the government was too big and should be reduced? Just more proof of his fiscal irresponsibility.
Robin Hood

Lebanon, KY

#21 Jul 27, 2011
IF,I say If, the S.S. checks don't go out to the elderly that depends on this income to survive, do you think the people in this country will not take to the streets like they did in Greece? Better think again if you say no they won't. I know YOUNG people, that I am having a hard time convincing now, not to take action because of our economy and Immigration.
These kids are serious and are well...regulated in
so many words.

“i hope we can change this!”

Since: Aug 08

usa

#22 Jul 27, 2011
Chicago Guy wrote:
<quoted text>
I keep hearing this from Tea Baggers like Michelle Bachmann, and it's parroted daily on FoxNews.
But why is it that ONLY far-right conservatives think this????
Moody's and Standard and Poor have TOLD us they will downgrade the US if we don't solve the problem, and meaningfully address the deficit.
Are you accusing RATINGS AGENCIES of playing politics????
Are we really that stupid??
The markets are down four days in a row because of this... and it's only the mild first rumblings.
The Tea Baggers act like this is a fake crisis... but when the shit hits the fan they will accuse Obama of "poor leadership".
How can you lead a bunch of contrary morons, who make up their own facts on every issue??
jeez, einstein!
defaulting, and downgrading a credit rating are 2 TOTALLY diiferent things...

get a clue, dimwit!

btw...
we HARDLY need THIS to accuse obama of poor leadership! we have his entire presidency for that!

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