U.S. ratings downgrade imminent

[Surveyor1653]

Everytime someone says that failure to raise the debt ceiling will result in a "default on our debt"....god kills a puppy.

It's an outright lie and fabrication.

Not so.

He feeds a kitten to the puppy, then uses the puppy to beat a baby seal to death.

 

[gl55]

The world could use a little chaos. It is pretty much agreed this has killed the Republicans hopes of winning anything for the next 2 elections so I say go for broke. Bring down the house of cards. But I'm sure the weasels will cave at the 11th hour.

 

[ez bake]

 

[71buickfreak]

If they cave, and they may, then all of it will have been for nothing. The republican party will be dead, not gone, mind you, they will put that wrinkly old carcass in a wheel chair, prop it up and sing happy birthday to it, while the kids kiss its cold, dead skin.

The next 24 hours will tell the tale. I say burn the damn thing down. to the ground. Political revolutions are a big part of our country's history. This MUST happen in order for the US to survive.

 

[Shadowrider]

The only way we default is if Obama refuses to pay the debt. The tax revenue to do it is plenty with no increase. I'm kind of hoping we don't get a deal and we do default. Obama will wear that for his legacy and deservedly so...

 

[Spata]

The government's spending pace in 2013 has been $13.3 billion a day while tax receipts have averaged $10.8 billion, according to Capital Economics. That leaves a daily shortfall of $2.5 billion. Treasury will have to start dipping into the nearly $36.5 billion in reserves it is holding to cover that shortfall, meaning the government can still run for about 14 more days. That, though, is probably too optimistic an outlook. "Because tax revenues fluctuate and spending obligations are not spread out evenly, the Treasury is likely to exhaust its reserves before then," Paul Dales, senior U.S. economist at Capital, said in a report. Looking at the government's schedule of upcoming payments, Dales sees the key dates coming as an Oct. 31 debt interest payment of $6 billion and a $57 billion payment the following day to cover Social Security, Medicare, military and income support payments. There's also a big $15 billion payment due Nov. 15 that Treasury has "no chance whatsoever of meeting," he said.

http://www.cnbc.com/id/101113997


could get interesting.

 

[Spata]

The Associated Press @AP
BREAKING: Fitch: Miss of debt deadline would lead to downgrade


Two downgrades under one president...

 

[gl55]

Isn't all our Social Security money we paid in in a lock box?

 

[Spata]

Isn't all our Social Security money we paid in in a lock box?

uh...

 

[Wheel Gun]

Isn't all our Social Security money we paid in in a lock box?

Someone found the key and unlocked it.