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Originally Posted by TorpX
[INDENT]You couldn't be more wrong.
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At the risk of sounding like a child on the playground: no you. You can't be more wrong.
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First off, going past the deadline will not bring about a default.
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Yes it will. Failure to pay your obligations in part or in whole is default.
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The Gov't has all the money coming in from taxes every month.
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but not enough to pay all of our monthly obligations.
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Only if Obama spends that on other things AND refuses to pay the interest due, will there be a default. (He is legally obligated to pay the debt, before other expenses.)
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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.
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A default would be bad, but an out of control despot who just spends the nation into oblivion without the consent of the people, would be worse.
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Partisan bombast and rhetoric not worthy of a response.
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Better to default on the debt, than default on the Constitution.
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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?
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If there are doubts about paying the debt now, how is taking on more debt helpful? Refusing to make substantial cuts in spending adds to doubts about the US economy, at home and abroad. For congress to simply kick the can down the road and agree to postpone any remedy for someone else to deal with, would be criminally irresponsible.
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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.