If the US defaults China will implode. :yep: And that will not be pretty.

Aye...a right royal mess :o

Nah, China will call in the Repo Men and Sky will make a reality TV show about it :woot:

Cheers

Garion

I dunno. They really like fireworks. Might be kinda sparkly. :arrgh!:

:har:............................................. ...................:up:

thank you, i thought that was interesting. if i understand you correctly, then you are saying that my appraisal of the risk of default and balance of power is wrong.

in your opinion there is no risk of default and the dems ultimately have the weaker hand. all the repubs have to do is hold their ground and the dems will have to fold since the debt obligation must be paid first.

tbh, my main concern is the risk of default, not who , repub or dem, gets the better deal.

At the risk of sounding like a child on the playground: no you. You can't be more wrong.

Yes it will. Failure to pay your obligations in part or in whole is default. but not enough to pay all of our monthly obligations. Obama doesn't sit there with a calculator and a banker's lamp saying "hmm, let's give away this and this, let's pay this guy..." The government spends, BY LAW, according to the previous year's budget. If there is not enough money to do so, it will cause a default.

Partisan bombast and rhetoric not worthy of a response. Except the Constitution guarantees our debt. It's clear that you've given no thought to the consequences of a default. That you and others seriously think this is a good thing that will somehow balance the budget and purge the system is frightening. A default on a government obligation would skyrocket rates, making the debt more expensive and bigger. A default would throw the country back into recession. A default would slaughter the investment portfolios of already battered municipalities. How on earth is that better than anything?

The current proposal is 85% spending cuts, 15% tax increases. To say one or the other is off the table is pure ideological stupidity.


blah blah blah tired of rebutting this.

Ill stop when you guys stop.

Simply wish I understood :o

"You guys"? I don't like parties, period. I think they're the bane of all governments.

There has been no reference to partisan politics in this thread until you brought it up. It's not that you take one side or the other, it's that your side and your side alone is right and it's always the other guy's fault. That's all you ever say.

it's more than just me who does this on the board. I don't see you calling out anyone else Steve. I'd be more receptive to to what you are saying if you would actually police the right wing people the way you do me.

now maybe you do tell some of the republicans and right wingers to lay off...but i haven't seen it that i can recall

An unbiased opinion. This is my first look at this thread. I looked at the last page 1st and saw gimpy117 comment. Ho ho! what is this about I say. So I start from the beginning and read.

My observation is it is an international forum discussing government the debt ceiling in general great round of discussion too. I would also like to add that gimpy117 based on your comments you are very much out of touch with it.

I was more stating what i felt about the situation. not really trying to argue anything...just commenting

You weren't around for my wars with Subman1. Did you miss my early comments to Bubblehead1980? Who did you have in mind? Most of the right-wingers here sometimes do actually discuss things, only ocassionally dropping into direct diatribe, and when they do I say something. Contribute more than just hit-and-run politics I'll shut up right away.

you know i do from time to time. But personally: and i'll contribute something here, In this case I feel one side: the democrats are willing to compromise, but republicans are attempting to make that compromise a sort of "give us what we want or we all fall into default". That's what prompted my remarks about situation.

but I still feel that people mistake my comments and feelings on a situation as an argument or solid fact. They are neither, I'll say that right out. So please don't get offended when I express how i feel rather than break it down by the numbers. but again, I have an opinion, a strong one...and im not going to play nice to appease people around here

And I wouldn't expect you kowtow to any coercion from myself or anybody else. As I said, it's not the opinion that gets me going, since I somewhat share it myself, it's the manner in which it's said.

I don't sugar coat things Steve. If i think Bohemer is being childish, ill go out and say it. there's too much passive aggressive "i don't wanna just say it so I'm going to imply and dance around it" BS in Washington already.

In this case i think its so. I know we can't always get our way in politics but with so much at stake and to my amazement they are still playing games so they can have their cake and eat it too. I feel like there have been more than enough concessions from the democrats, yet it's still not enough.

US debt limit: Rival plans unveiled as deadline nears
 

Senate Democrats and House Republicans have unveiled competing plans to cut the US budget deficit and raise its debt limit to avoid a default.

Despite weeks of negotiations, the two parties remain at odds over the size of spending cuts and tax increases.

Amid the impasse, President Barack Obama and House Speaker John Boehner will make TV addresses on Monday night.

The US risks default on its $14.3tn (£8.7tn) debt without a deal to raise the borrowing limit by 2 August.

The White House announced that Mr Obama would make a live television address on the debt issue at 21:00 local time (01:00 GMT).

"President Obama, like Democratic and Republican Presidents before him, will make clear that failure to compromise and raise the debt ceiling would, in the words of former President Reagan, do 'incalculable damage'," a White House official said.

Mr Boehner is to speak shortly after his address.

The president and Republican and Democratic leaders of the House and Senate have been negotiating for weeks over legislation to raise the debt ceiling and cut the nation's budget deficit.

The talks have broken down several times. In order to become law, any plan would require agreement from disparate factions within both parties and to pass both chambers of Congress.

Competing plans

In Monday's latest round of bargaining, Senate Democrats introduced a plan that would trim $2.7tn (£1.66tn) over a decade.

The plan would protect social programmes for the poor and elderly and a public pension programme - all popular among Democrats. It would not raise new tax revenue.


"This is an offer that Republicans can't refuse," Senate Democratic Whip Charles Schumer of New York told reporters about the Democrats' plan.

Republicans had agreed to all those cuts at one point or another during the protracted budget and debt limit negotiations, he said.

"If they refuse this offer it simply means they want a default."

That plan would increase the US debt limit enough to give the government borrowing authority through 2012.

The Senate Democrats' plan won immediate endorsement from the White House, which called it "a reasonable approach that should receive the support of both parties."

http://www.bbc.co.uk/news/world-us-canada-14285268


Note: Update Record,25 July 2011 Last updated at 23:55 GMT

US debt limit: Obama and Boehner trade blows on impasse
 

US President Barack Obama and Republican House Speaker John Boehner have blamed each other for the standoff over the federal debt crisis, as a deadline to avert a default looms.

Mr Obama condemned the Republicans' insistence on steep budget cuts and warned of a "reckless" outcome if the debt ceiling is not raised by Congress.

Mr Boehner responded by accusing the president of seeking a "blank cheque".

The US risks default without a deal to raise the borrowing limit by 2 August.

The federal government runs a budget deficit that topped $1.5tn (£920bn) this year, and has amassed a national debt of $14.3tn.
'Balanced approach'

Votes to raise the US debt limit have historically been a matter of routine in the US Congress, but this year, Republicans - buoyed by a newly elected crop of fiscal conservatives - have refused to agree to a debt increase without significant reductions in the budget deficit.

In negotiations, the chief sticking points are Republican resistance to raising taxes and the Democrats' desire to protect social programmes for the poor and elderly, and a public pension scheme.

In a live televised address on Monday night, Mr Obama said: "Republican House members have essentially said that the only way they'll vote to prevent America's first-ever default is if the rest of us agree to their deep, spending cuts-only approach."

The president reiterated his call for a "balanced approach", based on a mixture of spending cuts and tax increases on the rich.

He said the only reason this was not "on its way to becoming law right now is because a significant number of Republicans in Congress are insisting on a cuts-only approach".

That approach, he added, "doesn't ask the wealthiest Americans or biggest corporations to contribute anything at all".

He said: "Most Americans, regardless of political party, don't understand how we can ask a senior citizen to pay more for her Medicare before we ask corporate jet owners and oil companies to give up tax breaks that other companies don't get."

http://www.bbc.co.uk/news/world-us-canada-14286606

Note: Update Record,26 July 2011 Last updated at 12:58 GMT