Government

US Default Could Be Doomsday Option for Economy

WASHINGTON (AP) — The United States has never defaulted on its debt and Democrats and Republicans say they don’t want it to happen now. But with partisan acrimony running at fever pitch, and Democrats and Republicans so far apart on how to tame the deficit, the unthinkable is suddenly being pondered.

The government now borrows about 42 cents of every dollar it spends. Imagine that one day soon, the borrowing slams up against the current debt limit ceiling of $14.3 trillion and Congress fails to raise it. The damage would ripple across the entire economy, eventually affecting nearly every American, and rocking global markets in the process.

A default would come if the government actually failed to fulfill a financial obligation, including repaying a loan or interest on that loan. The government borrows mostly by selling bonds to individuals and governments, with a promise to pay back the amount of the bond in a certain time period and agreeing to pay regular interest on that bond in the meantime.

Among the first directly affected would likely be money-market funds holding government securities, banks that buy bonds directly from the Federal Reserve and resell them to consumers, including pension and mutual funds; and the foreign investor community, which holds nearly half of all Treasury securities.

If the U.S. starts missing interest or principal payments, borrowers would demand higher and higher rates on new bonds, as they did with Greece, Portugal and other heavily indebted nations. Who wants to keep loaning money to a deadbeat nation that can’t pay its bills?

At some point, the government would have to slash spending in other areas to make room for any further sales of Treasury bills and bonds. That could squeeze payments to federal contractors, and eventually even affect Social Security and other government benefit payments, as well as federal workers’ paychecks.

A default would likely trigger another financial panic like the one in 2008 and plunge an economy still reeling from high joblessness and a battered housing market back into recession. Federal Reserve Chairman Ben Bernanke calls failure to raise the debt limit “a recovery-ending event.” U.S. stock markets would likely tank — devastating roughly half of U.S. households that own stocks, either individually or through 401(k) type retirement programs.

Eventually, the cost of most credit would rise — from business and consumer loans to home mortgages, auto financing and credit cards.

Continued stalemate could also further depress the value of the dollar and challenge the greenback‘s status as the world’s prime “reserve currency.”

China and other countries that now hold about 50 percent of all U.S. Treasury securities could start dumping them, further pushing up interest rates and swelling the national debt. It would be a vicious cycle of higher and higher interest rates and more and more debt.

The U.S. has long been the global standard for financial stability and creditworthiness, with Treasury securities seen as a fail-safe investment. But after the near-shutdown of the U.S. government and a new credit-rating report this week questioning the country’s fiscal health, Treasury bills and bonds are losing luster.

If there is a debt limit deadlock, the government by this summer could find itself legally unable to borrow more money to pay its bills, beginning with interest on its debt and gradually extending to day-to-day federal operations. At some point, the government would have to decide which bills to pay and which to put aside.

The debt ceiling will be hit on or around May 16, the Treasury Department says. Unlike the threatened government shutdown, the impact would start slowly, but then build mightily until the damage would be so dire that few political leaders or economists even want to contemplate it. The day of reckoning could likely be delayed at least until early July with creative bookkeeping.

When the House first rejected the Bush administration’s $600-billion bank bailout in September 2008, the Dow Jones industrials went into a dizzying 778-point tailspin. A whiff of a possible similar stock market collapse came on Monday with a sharp selloff on Wall Street when the Standard & Poors lowered its outlook on U.S. debt to “negative” from “stable,” possibly a first step toward a possible downgrade of America’s coveted AAA credit rating.

“We haven’t downgraded it. We just said, if nothing happens, we may have to,” said S&P chief economist David Wyss. He said a government default remains uncharted territory, “which is one reason why it’s not a good idea to hit the debt ceiling.”

“There’s reason to worry,” said Wyss. “But my best guess is that we sort of muddle through this. Cuts will be made, they’ll be too little too late, but at least they will be enough to maintain a triple-A rating.”

“It’s another game of chicken. And this time there are Mack trucks going at each other, not bumper cars. This is a biggie,” said American University political scientist James Thurber. But he predicted that, as in the past, “there will be an accommodation. They will avoid a crash.”

Investment bank J.P. Morgan Chase recently concluded that any delay in making an interest or principal payments by the Treasury “even for a very short period of time” would have large “long-term adverse consequences for Treasury finances and the U.S. economy.” The analysis is being circulated on Capitol Hill by supporters of raising the debt limit.

“If anyone wants to push that button, which I think would be catastrophic and unpredictable, I think they’re crazy,” JP Morgan CEO Jaime Dimon said recently of those seeking to block raising the debt limit.

House Speaker John Boehner and most other GOP leaders agree on the need to raise the debt limit — and don’t want to be held responsible for a new financial meltdown. Still, they want Obama to make more concessions on spending cuts than he has done thus far. That isn’t sitting well with liberal Democrats, who think Obama has already given too much ground.

One reason the two parties can’t find common ground: they can‘t even agree on what’s causing high deficits. Democrats mostly blame it on policies of George W. Bush: two wars, tax cuts that continue to benefit the wealthy and an expensive prescription drug program. Republicans see government spending as the culprit, particularly on Obama’s watch.

In fact, the main reason is the deep recession, which slashed tax revenues and led to hundreds of billions of dollars in recession-fighting spending by both Bush and Obama. The debt was $9 trillion in late 2007 before the start of the Great Recession, and it’s just a sliver under the $14.3 trillion limit today.

Even though GOP leaders say they want to avoid more economic chaos, there is a large crop of tea-party aligned Republicans threatening to refuse to raise the cap under almost any circumstance. Polls suggest a large percentage of Americans oppose raising the debt limit.

The debt limit has been raised ten times over the past decade. Obama voted against Bush’s debt-limit increase in 2006 as a senator, accusing Bush of “a leadership failure.“ Obama recently apologized for ”making what is a political vote as opposed to doing what was important for the country.”

Comments (273)

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  • Whostolemypig
    Posted on April 23, 2011 at 10:02pm

    Of course it would be a disaster under this administration. Rather than pay on the current debt they would use existing revenue to piss our money away on every ill thought out give away they have at their disposal. So go for it Obama, I’d rather face it now than to die knowing that my grandkids will have to deal with the aftermath of your sick agenda in the future.

    Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:13pm

      hmmmm, hmmmmm, tastey

      Report Post »  
    • ChiefGeorge
      Posted on April 24, 2011 at 12:56am

      @SGT

      Thanks for the link from Ruppert. Collapsenet.com.

      Report Post » ChiefGeorge  
    • Sgt.Crust
      Posted on April 24, 2011 at 8:42am

      @Chief – you are welcome, sir. You know I am an analyst by trade too. He was villified for telling the truth, he may have been off on time, and his ‘peak oil’ is a fallacy today, maybe not tomorrow. He is right this time. I also am villified for telling the truth, telling it like it is, warning people to prepare, yet I am called a ‘drunk’ and an ‘idiot’ and the rest, it’s ok, I forgive my fellow man, Jesus Christ told me to love everyone – and to forgive! I know I have failed miserable on the love of progressives and liberals and communists – but they stand for Lucifer! It’s really hard to forgive that. God Bless you and America.

      Report Post »  
    • Zeus In A Speedo
      Posted on April 25, 2011 at 12:09pm

      @Sarge –

      You are the man! I love how you keep it real! I have a feeling you are more prepared than I am, but I am afraid you are correct on everything. Everything now is “the deep breath before the plunge.”

      For easy barter items, remember your ABC’s – ammo, booze, and cigarettes.

      Report Post » Zeus In A Speedo  
  • Ricky A. Patriotson
    Posted on April 23, 2011 at 10:01pm

    Let the walls fall! Why do we fall? So we can pick ourselves back up, learning from our mistakes.

    Wouldn’t it be nice if every household had a credit card that they could keep taking money from to pay its bills including the credit card bill. Nobody has to work anymore just borrow more money. Is that what the government wants to teach our kids?
    Let’s kick all the spending bums out of office.

    Report Post » Ricky A. Patriotson  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:12pm

      again, after the riots and blood on the streets, hmmmmm

      Report Post »  
  • WHITE LOTUS2x
    Posted on April 23, 2011 at 10:01pm

    Does anyone think, that they think, that, thats our money? Thats their money. Thats why they think we are stupid. We dont like the way they are spending their money. Someday all the stupid people are going to vote out all those smart people and get OUR money back. Get rid of all those smart people before they get rid of us, vote their greedy asses out. They are not fit to decide anything for someone else. Progressive Liberals, you are spending the peoples money. Lotus.

    Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:11pm

      we ARE stupid, we keep electing the same crooked politicians over and over, wait, that is insanity, yay

      Report Post »  
  • Exrepublisheep
    Posted on April 23, 2011 at 9:59pm

    Newser) – Kiryas, NY, doesn’t look like the poorest place in America. The village has no slums, no homeless people, and pretty much no crime. Yet a whopping 70% of Kiryas Joel’s 21,000 residents are below the federal poverty line, and its median family income is just $17,929, making it far and away the poorest place in America—at least statistically, according to the New York Times. But Kiryas is an odd place; it’s populated predominantly by ultra-orthodox Satmar Hasidic Jews, most of whom speak almost exclusively Yiddish.

    Women there marry young and don’t use birth control, giving the town the lowest median age (12) and highest average family size (6) in the country. But residents manage just fine, thanks to charity from its wealthier members and collective action. The community runs many businesses as nonprofits and, by voting en masse, wields enough political clout to get loads of government help. They recently, for example, built a government-funded $10 million postnatal maternal care center—prompting one state lawmaker to call for an investigation. “They may be truly poor on paper,” the lawmaker says. “They are not truly poor in reality.”

    One of the reasons were going broke. All the “poor” there are on foodstamps and receive student aid to go to their own schools.

    Report Post » Exrepublisheep  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:09pm

      get ready to barter, do you want to live like that, it‘s a comin’

      Report Post »  
    • Non-sequitur
      Posted on April 23, 2011 at 10:10pm

      You realize that, if you would advocate their way of life for all of America, that it would basically be socialism, yes?

      Report Post »  
  • skippy6
    Posted on April 23, 2011 at 9:54pm

    I know gold is at about $1500 but the way things are going that investment still may be good, I’m thinking of cashing in my 401k and buying tangible gold that I can bury in my backyard in case the goons try to confiscate it!!!

    Report Post » skippy6  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:08pm

      i did that a long time ago lol

      Report Post »  
    • NancyBee
      Posted on April 23, 2011 at 10:30pm

      I am thinking about that too…but won’t they know you have the gold and come knocking at your door? Srgt.Crust….you are making me laugh with your comments…not that they are funny….but you are commenting to everyone!

      Report Post » NancyBee  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:38pm

      Nancy, I been saying all of these things since 2008, when I called the DOW 6000 in Q1 2009, so this is kind of fun for me. I am glad to see so many people are actually thinking instead of beating each other up…this is no longer about left or right, it is about SURVIVAL…but thanks for saying so.

      Report Post »  
    • Grandmadar
      Posted on April 23, 2011 at 11:02pm

      This plan has been in place for some time. Too bad we are waking up too late. We hit the iceberg a long time ago. BO is now at the helm while our ship is sinking and he keeps telling us we can take in more water. It’s ok we can take on more water!…and the band played on.

      Report Post »  
    • Grandmadar
      Posted on April 23, 2011 at 11:06pm

      In some states it is already required to buy, sell, or trade gold that you have to give your name, tele #, address and SS. So they will keep track and come and get it! Better to have things to barter with. I wouldn’t want to buy a loaf of bread with a gold coin.

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 11:33pm

      I couldnt resist, hey, let’s rearrange the deck charis LOL!!!!!!!!!!!

      Report Post »  
    • sWampy
      Posted on April 23, 2011 at 11:37pm

      If everything crashes gold will be worthless for a long, long time. What you need is land, fuel, fertilizer, seeds, guns, ammo.

      Report Post »  
    • Sgt.Crust
      Posted on April 24, 2011 at 8:35am

      @Swampy – ding ding ding ding, we have a NEW winner! But you left out one part, an army to help you protect all that.

      Report Post »  
    • Sgt.Crust
      Posted on April 24, 2011 at 8:38am

      @Grandmadar – truth, you have it right! we are doing to opposite of bailing out the sinking ship, you are CORRECT SIR!

      Report Post »  
  • Viking64
    Posted on April 23, 2011 at 9:51pm

    You don’t wait ten years+ to start facing a national or personal finacial problem, we have been way over the falls for years now, Obama and his marxists cronies great US economic collaspe plan is almost here, can’t wait to see what the new system may be like. We must some how ride out the coming economic nightmares and find a way to elect a honerable ,congress senate & predsdient in 2012 Feel this country has been set back fifty years in the last two years under Obama and liberals

    Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:07pm

      you mean if we make it to 2012 intact, but you speak truth

      Report Post »  
  • sodacrackers2
    Posted on April 23, 2011 at 9:46pm

    Have they laid off or closed one government worker or entity yet?

    Report Post »  
  • NickDeringer
    Posted on April 23, 2011 at 9:40pm

    Even if they don’t raise the debt ceiling Obama will continue to borrow. The Constitution means nothing, the congress means nothing, and the America voter means nothing.

    Report Post » NickDeringer  
  • Deda1
    Posted on April 23, 2011 at 9:40pm

    Time to cut our losses and lock up the criminals that keep over spending. Start with that Democratic Whore Nancy Pelosi and confiscate all her money and property and then jail her for life.

    Report Post »  
  • eat-more-bacon-USA
    Posted on April 23, 2011 at 9:37pm

    Barry Soetoro-obama is America’s greatest enemy – he will not stop until he has destroyed our nation.

    Report Post » eat-more-bacon-USA  
  • rienheart
    Posted on April 23, 2011 at 9:34pm

    Downfall of America brought to you by the Obama/Hilary/Socialist/Democrat/Republican Party. They have done what Islamic Jihadists couldn’t do. Destroyed America. There will be a reckoning. Bill Ayers and his Cronies will necessarily KILL 25 Million Americans by the time it is all said and done. Or they will try to.

    Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:03pm

      dont leave out Bushy and congress, they had a hand it it too

      Report Post »  
    • Dannowood
      Posted on April 23, 2011 at 10:14pm

      25 million? Try 100 million. That’s about how many Ex-Military and redneck hillbillys there are the WILL NOT put up with this slumloard (community organizer) when he trys to impose marshall law. LIVE FREE OR DIE!!!!!

      Report Post » Dannowood  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:34pm

      Now there is someone who is thinking, bookem Danno…but you first should take a gander at the Georgia Guidestones…try 6 billion fried to a crisp

      Report Post »  
    • NancyBee
      Posted on April 23, 2011 at 10:40pm

      I voted for Bush………….but he has a lot to do with all of this!

      Report Post » NancyBee  
  • skippy6
    Posted on April 23, 2011 at 9:32pm

    Does anyone know What the price range of gold would be if the dollar were to collapse??

    Report Post » skippy6  
    • Entropy
      Posted on April 23, 2011 at 9:35pm

      Think about it , it the dollar is worthless then gold’s value would be infinite.

      Report Post »  
    • Psychosis
      Posted on April 23, 2011 at 9:45pm

      not sure, but if you calculate the recent 20% drop in the value of the dollar since january against the cost of god from then to now you can extrapolate the cost of gold and its relationship to the value of the dollar

      im guessing ( since i dont feel like doing the math) that 20% corrolates today with approx $400.00

      so if 20% equals 400 gold has approx 1600 an ounce left in it until the dollar hits zero….just a guestimate mind you

      but knowing my math is just a guess ( did not pull out calculator) and i am pretty sure gold WILL hit 2000 by december that kinda tells you the direction the dollar is heading :(

      Report Post » Psychosis  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:01pm

      you forget it is all manipulated now…silver will give you a clue the ratio is way off to gold…gold to 5000 minimum, silver around 500 when it all comes crashing down

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:41pm

      OR…just depends now, gold 35/oz and silver 5/oz, cause there will be no dollar…

      Report Post »  
    • chalkdust
      Posted on April 24, 2011 at 3:22am

      As the dollar collapses the price of gold rises. Hard to say what the price will be. Supply and demand also plays a part in the price of gold so its hard to put an exact percentage to how much market forces verses devaluation of the dollar equals the spot price of gold. I suspect that demand is in the drivers seat right now. However, the time honored benchmark for gold is that one ounce will purchase a nice suit of clothes.

      Report Post » chalkdust  
    • Sgt.Crust
      Posted on April 24, 2011 at 8:29am

      more like give me 1 oz of gold or more for that ONE seed, so I can plant it and feed my starving family. If the dollar crashes, all world currencies will crash, food and gas will be unafordable, if not unavailable, commodities will most likely crash too. There are relationships to all of them.

      Report Post »  
  • Psychosis
    Posted on April 23, 2011 at 9:28pm

    solution…………….. NATIONAL TAX STRIKE

    Report Post » Psychosis  
    • Sgt.Crust
      Posted on April 23, 2011 at 9:58pm

      wrong

      Report Post »  
    • stmike
      Posted on April 24, 2011 at 9:12am

      AhahahahahahaHaaaa! Yeah right just like the trucker strike I’ve been hearing about every year for twenty years. Never gonna happen. A few will not pay then end up in jail while everybody else,the sheeple, keep paying in a glassy eyed stupor.

      Report Post »  
  • Sam Brown
    Posted on April 23, 2011 at 9:27pm

    They will take everyones pensions to settle the debt then default on the pensions. Marshal Law will be in place by then.

    Sammy

    Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 9:57pm

      true dat

      Report Post »  
    • Grandmadar
      Posted on April 23, 2011 at 10:14pm

      So should we take out what we can of our pension?? What happens to Mortgages and credit card accts?
      If people are not able to pay anything when the stuff hits the fan, how does it play out? New world currency and then everything is reset to that currency?

      The Mark of the Beast seems not too far off.

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:31pm

      lots of blood my friend

      Report Post »  
    • sonseeker
      Posted on April 23, 2011 at 10:39pm

      martial law

      Report Post » sonseeker  
    • Grandmadar
      Posted on April 23, 2011 at 10:51pm

      Banks are already not allowing people to take out their money… an example is at a card dealership in town a customer tried to pay his car repair bill with his debit card. The total bill was $1054. The cashier (my friend) ran the card thru and the bank denied the payment. The man said how can this be I have $15,000 in my acct? So he had my friend run it through as $500 and $554. The $500 went through but not the second part. So he couldn’t even pay his bill!
      This is what is happening with all the new banking regulations and more to come.

      Report Post »  
  • riseandshine
    Posted on April 23, 2011 at 9:24pm

    All according to plan

    Report Post » riseandshine  
  • BlackMan
    Posted on April 23, 2011 at 9:23pm

    Let it COME!
    All it means, is the Gov’t couldnt afford to borrow money at the outrageous interest rates – -> They will have to spend what they take in… thats the correction Im looking for in the economy.

    Again we do not have a Revenue Problem. We Have a Spending Problem!
    let this force them to make it happen!

    Report Post » BlackMan  
    • Sgt.Crust
      Posted on April 23, 2011 at 9:55pm

      what happens with the have-nots, when they have no food in their belly? LOL, a lot of folks aren;t thinking!?????????????

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:02pm

      there wont be much revenue left after companies go bankrupt by the gads, and unemployment will skyrocket

      Report Post »  
    • Non-sequitur
      Posted on April 23, 2011 at 10:17pm

      Companies had their most profitable year in 2010. And I mean literally their most profitable year since company profits are being recorded (50-odd years). They are in no danger of going bankrupt. Most of them don’t even PAY taxes. Boeing, GE, Bank of America, BP and dozens more.

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:28pm

      sorry man, they will be wiped out too, remember now, wealth redistribution, they’ll all go BELLY UP real soon, where are they gonna get all their microchips? a little place called Japan is dead in the water

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 11:42pm

      dang, i have to leave you with this, profits yeah, after they have cut labor to the bone, it’s the revenues that count…they were coming back somewhat, that is until Japan got it’s butt kicked, it will have ramifications worldwide, you’ll see Q3 earnings season

      Report Post »  
    • BlackMan
      Posted on April 24, 2011 at 12:12am

      @ Sgt. Crust – Able bodied people will find employment, settling for less than they feel the deserve in all their greatness… There will be Cuts in all programs and they will use a real litmus test and spread those resources only to those who are deserving, ie elderly, the disabled, and the mentally ill. As it should Be. Corporations will be able to borrow money to become productive enough to pay the loan back with the interest – Remember we can spend what we spent in the 80′s quite easily. Thats not that long ago.
      Beyond that – We really have no choice… almost 50% of the polulation are receiving check that has been earned from the taxation of the other 50!
      Solve the problem using Americas ingenuity.
      1. Invest in real infrastructure – build2 nuclear power plants per state within 10 years
      2. Quadruple the Electric Grid
      3. Moratorium on all new gasoline/ diesel engine cars by 2022 plug electric cars into the new grid
      4. Drill Everywhere – Tax oil at 25% and have America join OPEC sell our oil to China – to pay our debt off. Any Questions?

      Report Post » BlackMan  
    • Sgt.Crust
      Posted on April 24, 2011 at 8:21am

      @BLACKMAN –

      1. Invest in real infrastructure – build2 nuclear power plants per state within 10 years
      2. Quadruple the Electric Grid
      3. Moratorium on all new gasoline/ diesel engine cars by 2022 plug electric cars into the new grid
      4. Drill Everywhere – Tax oil at 25% and have America join OPEC sell our oil to China – to pay our debt off. Any Questions?
      ——————————————–
      What you say is real truth, but 10 years too late. Sure a safety net for those that need it, never said otherwise. American’s are the BEST! However, we will go through MUCH pain before this is solved, question is will our spirit still be there, and remember after Rome fell, the dark ages. We are about to go back there, not quite that far, but to pre-industrial America, heck the world.

      1. At a billion or more a pop, where are you getting the money?
      2. At the cost of billions again, where’s the money?
      3. A pipe dream, how will you operate HEAVY equipment on chipmonk power?
      4. Tell that to the Obination and all the progressive liberal fools, who would rather us remain slaves to foreign oil. Join a cartel, lol, that is illegal in this country last time i checked.

      All fine stuff, except #4, and all way too late,

      Report Post »  
  • aragona
    Posted on April 23, 2011 at 9:21pm

    Am I alone in thinking that the best way to get a fresh start is to default and then bring the country to greatness once again? After all, the entire principal behind bankruptcy is to get a fresh start. Right now we are bankrupt and the liberals continue to spend, and with that spending comes the loss of freedom and death to the republic.

    I’d rather start again, rough times and all, depending on my own strength and ingenuity to survive, then continue on as we are.

    Report Post »  
    • WHITE LOTUS2x
      Posted on April 23, 2011 at 9:49pm

      Aragona…….Wo up,,,, I`m too old to start over. Ten years ago that would have been easy. Today not so easy. Will tackle it if necesary but wouldnt recomend it. Dont have much security but would hate to see it be 0. If America goes bankrupt we will all probably be road kill. These people are B-A-D. They take no prisoners. Bite your tongue, please. Happy Easter. Lotus.

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 9:58pm

      fresh start huh, when, after the riots and looting and much bloodshed? hmmmm

      Report Post »  
  • OperationNorthwoods
    Posted on April 23, 2011 at 9:20pm

    I think default is exactly what is going to happen. The dollar is going to get killed and China and the arabs will be left holding a bag full of worthless bonds. Then the globalist bankers will use the crisis to introduce a new world currency that is backed in part by gold. This is what Lindsey William’s oil company sources have told him. Check out Lindsey Williams on youtube. This guy is very accurate in his predictions and information.

    Report Post » OperationNorthwoods  
    • Sgt.Crust
      Posted on April 23, 2011 at 9:53pm

      truth

      Report Post »  
    • Grandmadar
      Posted on April 23, 2011 at 10:03pm

      Yes, you are right in bringing up Lindsey Williams! We have listened to his 3 part CD series that was broadcast about a year ago. The first cd is Tragedy; the 2nd is Hope, and the 3rd is Reality. Very telling as so far accurate. We copied and past out sets. Amazing how people didn’t want to know. Just want to keep their head in the sand.

      Report Post »  
    • NancyBee
      Posted on April 23, 2011 at 10:19pm

      and the band plays on……………..

      Report Post » NancyBee  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:26pm

      next one will be titled Anger

      Report Post »  
  • Psychosis
    Posted on April 23, 2011 at 9:20pm

    monthly revenue is 220 billion

    monthly payment on the debt is 68 billion

    THERE IS NO REASON TO DEFAULT ON THE DEBT PAYMENT…………..P A Y I T F I R S T

    i dont really care about the other crap………..pay the essentials and eliminate all the other crap and let the states handle them like they should

    Report Post » Psychosis  
    • Sgt.Crust
      Posted on April 23, 2011 at 9:52pm

      you left out the principal, how does that get paid? 14 trillion, then a mere 112 trillion in unfunded liablities, gas and food prices soaring, STAGFLATION, man there is going to be a LOT of bankruptsies…

      Report Post »  
  • seeker9
    Posted on April 23, 2011 at 9:19pm

    Obama recently apologized for ”making what is a political vote as opposed to doing what was important for the country.”

    Has or does he ever do anything else?

    Report Post » seeker9  
  • DevotedDad
    Posted on April 23, 2011 at 9:17pm

    Don’t anyone be fooled.

    These clowns are not the least bit concerned because Boehner and the Republican party sold this issue out when they were selling out the 32 billion, I’m sorry, 350 million, in cuts.

    Why do you think they all went on recess?

    And someone should put together a calendar that highlights all the days that our “elected” officials are on vacation.

    It is disgusting.

    Report Post » DevotedDad  
    • Exrepublisheep
      Posted on April 23, 2011 at 9:23pm

      Agreed.

      Report Post » Exrepublisheep  
    • ae7iv
      Posted on April 23, 2011 at 9:32pm

      l think that congress needs to not be paid since they aren’t doing the job we the people sent them to do. and when they are doing the job, it should be no more than the median household income. Glenn was right there…

      Report Post » ae7iv  
    • Sgt.Crust
      Posted on April 23, 2011 at 9:50pm

      And the Obumbler playing the class card, whipping up the frenzy. Gee I wish was at home counting my cash?? right…oh let‘s not forget the entitlements people since we’re being so honest all of a sudden LOL. Can you spell CF coming our way.

      Report Post »  
  • BOMUSTGO
    Posted on April 23, 2011 at 9:09pm

    George Soros is behind all this.

    Report Post » BOMUSTGO  
    • Exrepublisheep
      Posted on April 23, 2011 at 9:23pm

      And Murdoch.

      Report Post » Exrepublisheep  
    • skippy6
      Posted on April 23, 2011 at 9:23pm

      Yes he is, this is just a fun game for him, if only more people knew what was going on!!

      Report Post » skippy6  
    • Sgt.Crust
      Posted on April 23, 2011 at 9:47pm

      Murdock LOL, now I got a chuckle out of that one, keep dreaming son!

      Report Post »  
    • veruca salt
      Posted on April 23, 2011 at 10:07pm

      Murdoch gained some positive credit in my book when he gave the Don Corleone nod to Ailes when Ailes asked the question, “Do we fire Beck?”

      Report Post »  
    • Snowleopard {gallery of cat folks}
      Posted on April 23, 2011 at 10:47pm

      This is not fully Soros fault; the fiscal irresponsibility of the past generations of politicians, and those of us who have let them get away with it also have our part to be blamed for.

      Soros is taking advantage of a long range game plan coming though to the end, yet he may just not yet see it though. He is playing with forces of extreme danger, and dances with the dragon.

      Report Post » Snowleopard {gallery of cat folks}  
  • Snowleopard {gallery of cat folks}
    Posted on April 23, 2011 at 9:08pm

    This is the ‘never waste a perfectly good emergency’ moment for the administration; our backs are to the wall, and the clock is nearing the zero countdown. Obama and the others are salvitating over the dreams of theirs – our nightmare – coming true in a short timeframe from now.

    Report Post » Snowleopard {gallery of cat folks}  
    • Sgt.Crust
      Posted on April 23, 2011 at 9:48pm

      Truth.

      Report Post »  
    • GeorgieJo
      Posted on April 23, 2011 at 10:33pm

      Recently they cancelled TWO soap operas on daytime TV WHY?
      Because we have a GIANT Soap Opera in Swampy Washington DC

      Report Post »  
  • fixer
    Posted on April 23, 2011 at 9:05pm

    It’s pretty simple.QUIT BORROWING MONEY YOU DON’T HAVE.it’s not rocket science.we have enough to pay our bills,just not borrow more.

    Report Post »  
    • Entropy
      Posted on April 23, 2011 at 9:30pm

      This is all just scare tactic BS so they can continue to run us into the ground. This is all CFR goon lies. The only way they will stop is if we stop them ourselves. They know this that is why they want to put cameras everywhere.

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:23pm

      too late

      Report Post »  
    • 101
      Posted on April 23, 2011 at 11:41pm

      Gold & silver the only hedge fund against inflation…cash in your fiat paper for physical gold NOW!

      Report Post »  
  • Dustyluv
    Posted on April 23, 2011 at 9:04pm

    This wont be the trigger. We have busted the debt ceiling many times before…Too bad we are already flying off the cliff aNYWAY…

    Report Post »  
    • RightWrite
      Posted on April 23, 2011 at 9:20pm

      Anyone that has to fight a tight budget knows that any and all of this government could function on half the money they spend now. The only way to cure this addiction is to bring these government agencies to their knees — make them fight tooth and nail to save every precious penny of our money.

      Report Post » RightWrite  
    • Professional Infidel
      Posted on April 23, 2011 at 9:24pm

      I’m all ready at the bottom, so Ill lead the charge!! SHUT IT DOWN!!!! since obozo nothing been happening anyway. Old customers quite calling 01[02[2008??? Must be belt tightening.

      Report Post »  
    • MontanaRob
      Posted on April 23, 2011 at 9:37pm

      Speaking of going off a cliff, this was a letter to the editor in the local paper today:

      I see a thousand Republicans marching two abreast through a green meadow. They are comprised of unemployed, poor seniors who need home meals and heating help. At the end of the meadow lurks a huge drop off a cliff to the raging surf and ocean. Certain death awaits any who go over.

      On that precipice sits a bright blue fence with a sign saying “Constructed by Barack Obama for your safety. Death is certain if you proceed.”

      Under that sign is another sign in bright red saying, “This fence constructed by leftie, socialist Democrats – Bibles, guns and everlasting life await you; go forth.”

      Will they tear it down and jump like the legendary lemmings or not?

      E. Campbell,

      Lolo

      This idiot is smoking something a little beyond the usual wacky-tobacky!

      Report Post » MontanaRob  
    • Sgt.Crust
      Posted on April 23, 2011 at 9:40pm

      And that is just one thing, here is another:

      http://www.shtfplan.com/emergency-preparedness/collapse-countdown-clock-we-have-until-july-video_04142011

      Then there is the middle east and of course our good union friend Mike Lerner wanting to take down the DOW and JP Morgan, not to mention all the little anarchists running around causing trouble. Just to name a few things.

      Report Post »  
    • Non-sequitur
      Posted on April 23, 2011 at 9:47pm

      America cannot default because the rest of the world will not let it. The results would be too catastrophic.

      Maybe we can join the EU, I hear they help their member states financially :)

      Report Post »  
    • Snowleopard {gallery of cat folks}
      Posted on April 23, 2011 at 9:50pm

      This is one of those ‘do not waste a good emergency’ moments the administration is probably just waiting for. Just watch, and listen, for while they distract with the one hand, and we prepare for the other, their allies move in the shadows.

      Report Post » Snowleopard {gallery of cat folks}  
    • lovenfl3
      Posted on April 23, 2011 at 10:03pm

      As long as they continue to find ways to spend money that we don’t have, that’s the main thing. Give me a break. http://www.youtube.com/watch?v=UeIW4yJMYFI This explains everything you need to know about the debt ceiling. It’s all a game.

      Report Post » lovenfl3  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:10pm

      dang, this is fun, whistling past the graveyard…gee I wonder who’s been telling you all this for a long time now, hmmmm?

      http://www.shtfplan.com/emergency-preparedness/collapse-countdown-clock-we-have-until-july-video_04142011

      duh

      Report Post »  
    • Packer-dad
      Posted on April 23, 2011 at 10:10pm

      Get the budget under control now,It’s like running down hill with a 50 ton boulder on your azz,it will catch up to you sooner or later,or they say in the earthquake documentary’s.
      IT,S not if it happens,BUT when it happens!!!!!!!!!!!!!!!!!

      Report Post »  
    • ltb
      Posted on April 23, 2011 at 10:13pm

      I’m getting a little tired of the “doomsday” propaganda about the debt ceiling. This isn’t rocket science people. Although I don’t max out my credit cards anymore, there was a time back in my college days when I did. At that time, when I reached the limit on a credit card I stopped spending. If the interest on a maxed out credit card would have forced my balance to go over the credit limit, resulting in an over-the-limit fee, I cut spending in other areas (e.g., going out for Happy Hour on Friday) and then I used that money to pay down the credit card. I suggest Our federal government do likewise. If the Federal Government needs to make interest payments to our creditors, use money that has been allocated to, oh I don’t know, Planned Parenthood, or NPR, or the Dept. of Energy, or the Dept. of Education, or the EPA. Just pick up the phone, Barry, and tell your friends at Planned Parenthood that they’ll have to hold off murdering a few babies for the next several weeks, because funds previously allocated for killing infants is needed to keep our country from going into default.

      Report Post » ltb  
    • tower7femacamp
      Posted on April 23, 2011 at 10:16pm

      we slaves are not able to Default on our Masters the Federal reserve
      so you better take care of your self
      http://www.abysmal.com/LDS/Preparedness/Preparedness.pdf

      Report Post » tower7femacamp  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:19pm

      it wont be a game when the bullets start flyin’ lol

      I have practice dodging them, so i guess i am ahead of the game

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:21pm

      propoganda? roflmao, can you spell toast, riots and gang rule, you’ll just love it i bet

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:21pm

      I hate to burst everyones bubble world, i really do, but time for talk is OVER

      Report Post »  
    • Patrick Henry II
      Posted on April 23, 2011 at 10:25pm

      If we do raise the debt limit it will be the end of us (The USA) financially. More debt at this point will kill us more dead than we (as a nation) arleady are.
      Let the government do without the credit cards. They do NOT need them. Let the takers scream until they get the real answer; their not getting anymore.

      Report Post » Patrick Henry II  
    • CatB
      Posted on April 23, 2011 at 10:27pm

      Now or never .. stop the INSANE SPENDING!

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 10:29pm

      ummm, they wont be screaming fella, they’ll be coming after you and your stuff

      Report Post »  
    • MODEL82A1
      Posted on April 23, 2011 at 10:35pm

      Wow CRUSTY, you‘re one of those drunks who just won’t shut up. I hate guys like that.

      Report Post » MODEL82A1  
    • joseph Fawcett
      Posted on April 23, 2011 at 10:38pm

      Now how can anyone look at America and in a right mind say that raising the debt limit is not already saying to the world and the American people that America cannot pay it’s bills!!! Doesn’t anyone see that. Why would we want to raise the debt limit???? Cut the spending and live with it now. I say the Good faith and credit of the United States is already gone, only way to get it back is stop it here and now and then dig out!!!

      http://www.josephfawcettart.com western artist

      Report Post » joseph Fawcett  
    • P C BE DAMNED
      Posted on April 23, 2011 at 10:40pm

      Let it go down, hell we will start over and this time we will pick our own cotton. No more free stuff. Chew on that you SOBs.

      Report Post » P C BE DAMNED  
    • BetterDays
      Posted on April 23, 2011 at 10:40pm

      Warning A FAIRY TALE IN FINANCE Or is it ?

      Once upon a time in a land not so far away ( at least by jet ) lived a very powerful man. He was not a king, yet he governed more land than all the kings combined. For he set the kings in their seats, no man could be a king without his blessing and support. How did he become so powerfull all the kings wondered, how is it this one man controls all of us? So they called the wisest of their royal advisors together in a secret enclave and charged them this one thing, discover the roots of this mans power or perish in your attempts. 300 of the wisest set forth towards the land of the powerful man in groups of tweny, ten, five and three and one wise man did not go at all. Within a month word came back to the kings that 299 of their wisest advisors had all been put to the sword, only one remained, and he had not gone anywhere at all. In great rage the kings sent for this errant advisor, this disobedient man. To inquire as to why he had not carried out his charged quest. Finally the day came and he stood before the assembled kings and answered unto them this: My kings the reason I left not to seek the answer is the same reasoning I have for fearing to tell you now. For I have long known the answer and have always told it to you but you listen not, nor will you now. Enraged at his effrontery they demanded him speak again the matter, and thus he said : You listen to him, you sit in his seats, you give your children and your people to him so they sit in his seats,when he says pay me, for good, for bad, or for sin you all reach for you worked wages and pay him over and over again. In telling you that he can influence even after the grave, you give , you give and you gave. He has all of your treasure, you handed over to him, so he sets up your kings and you give him your gold again. In all of his vast storehouses laden great piles of gold, of parchments, all earths treasures unfold. All for a lack of a reason all for lack of a rhyme, all for lack of your reading one book for you said you had not time. And my dear kings, oh leaders of men, throughout all the ages following kings shall do so again. But one day so far distant shall rise a manner of men, that kings will think common, and that powerful man has no Ken. For just before the last payment in gold to that man again, shall some if the wise men stand forth and say never again. Yet kings I have spoken in riddles, and kings I have spoken in tales, for the money’s not taken by Harvards, nor stolen away by Yales, but stolen by faith and deception by the oldest king lying behind veils. So perhaps in the future hearing those strong common men rise, to know that no earthly man is KING in their eyes.

      Report Post »  
    • ManThong
      Posted on April 23, 2011 at 10:40pm

      Aw c’mon, they will never “default”. All they need to do load up rolls of Charmin and feed them to the printing presses.

      Report Post » ManThong  
    • Sgt.Crust
      Posted on April 23, 2011 at 11:18pm

      one last note, dang, i CAN be a equal opportunity basher lol…we all had a hand in it, face up to it, now bend over and kiss our (i hate this word) ‘collective’ butts goodbye, goodbye, gooooood byyyyyyee, thanks Von Trapps.

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 11:19pm

      fade to black…where’d everybody go???? check the graveyards! Zieg Heil, ugh, not funny at all.

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 11:22pm

      MODEL82A1
      Posted on April 23, 2011 at 10:35pm
      Wow CRUSTY, you‘re one of those drunks who just won’t shut up. I hate guys like that.
      —————–
      you again curmudgeon, don‘t pee down my back and tell me it’s raining, I DON’T DRINK!!! Nor smoke, nor snort, got that!

      Report Post »  
    • Sgt.Crust
      Posted on April 23, 2011 at 11:36pm

      Sgt.Crust
      Posted on April 23, 2011 at 11:15pm
      ok it gotta stop now me sleepy, but ya’ll keep coming up with those too late ideas though great stuff! i have to admit I am glad to see everyone so wide awake, but it is midnight for our country, soon to be a pumpkin – great stuff tho

      love ya model82A1, even if you hate me, the truth hurts some times my friend…good night

      Report Post »  
    • TheLascone
      Posted on April 24, 2011 at 12:03am

      I have been robbed ….
      http://www.flickr.com/photos/23630227@N06/5642214398/in/photostream/

      Report Post » TheLascone  
    • thepatriotdave
      Posted on April 24, 2011 at 1:42am

      And the Obama administration is saying in private… “Ah, we love it when a plan comes together”.

      We must make sure the Republicans do NOT suddenly get more mushier than they already have. Plus, I think its about time we started holding Democrats as accoutable as we are with the Reps. We cannot allow them to destroy our childrens future for some daffy drug-induced dream of a Marxist Nirvana.

      Take the “best choice for POTUS” Poll – Extended to Midnight Tuesday..
      http://www.AmericasTeaPartyNews.com

      Report Post » thepatriotdave  
    • QC Ghost
      Posted on April 24, 2011 at 2:41am

      No one in D.C. can sell me on the idea of raising Americas’ debt limit. For the same protest that infers giving kids condom is promoting sex, giving Obama more money is a congratulatory pat on his un-American back. Billions of our dollars, enough to keeps the government running, is available to Washington each day. Live within you means, or stand by for impeachment.

      Report Post »  
    • Polwatcher
      Posted on April 24, 2011 at 6:31am

      Every time I hear one these idiots in Washington say this, I assume that he or she is making a direct threat to take the US down. If they were not making a threat then they would offer options to avoid going over the cliff instead of a temporary delay.

      Report Post »  
    • Jackers
      Posted on April 24, 2011 at 7:39am

      We could slash this massive federal government down to size and slash all politicians’ wages and benefits for starters…

      Report Post » Jackers  
    • I hate the United Socialist States
      Posted on April 24, 2011 at 7:50am

      A default would be the best thing for the United Slut. It would put an abrupt end to the inter-generational theft and would bring a just end to the Chinese currency exchange rate manipulation. I say bring it on.

      Report Post »  
    • memememes
      Posted on April 24, 2011 at 7:57am

      now wait give beck time to convert all his wealth into gold!

      Report Post »  
    • Sgt.Crust
      Posted on April 24, 2011 at 8:23am

      memememes
      Posted on April 24, 2011 at 7:57am
      now wait give beck time to convert all his wealth into gold!
      ———————-
      It;s all about Beck for you Obots isn’t it, you have no brains! He is just the ONLY one telling the real truth, but you keep those blinders on fella! Libarts, gotta hate ‘em!

      Report Post »  
    • old white guy
      Posted on April 24, 2011 at 8:55am

      the u.s. will not default unless they keep borrowing from other nations.

      Report Post »  
    • AynRandLives
      Posted on April 24, 2011 at 10:04am

      Default now or later…let’s choose the time. I say NOW

      Report Post » AynRandLives  
    • Ruler4You
      Posted on April 24, 2011 at 12:13pm

      A ‘default’ could well be the trigger. It would definitely throw the global economy into a chaotic mess. It would take years to recover from such a result.

      Report Post » Ruler4You  
    • jackrorabbit
      Posted on April 25, 2011 at 8:50am

      A default only occurs when you cannot PAY INTEREST!!! We can pay interest easily, what will be affected will be all the other programs that the Federal Government has. This would actually be a good thing IMO. We would be forced to cut to the bone, which would save our nation, not hurt it.

      Report Post »  
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