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General Discussion / The Debt Ceiling Deadline
« on: July 30, 2011, 10:42:09 PM »
As most of you probably know, the United States government is in danger of defaulting on its national debt of $14.3 trillion dollars and climbing. The Treasury Secretary has stated that he can keep paying the bills that we owe up to August 2nd (that's Tuesday, or 3 days away) before we are in danger of defaulting.
No one really knows what's gonna happen if we DO default, but there is a consensus that our sterling credit rating of AAA will be cut down to AA...something we have never seen happen to us before. This would make us look like a more risky investment to other countries...and they would likely make necessary adjustments, harming our economy. Did I mention that this could send shockwaves throughout our markets and affect other markets? Stocks gave us a preview this week: they made their worst 5-day finish in over a year.
All eyes are on Congress now as they try to raise the debt ceilings, but unfortunately Washington is going nowhere fast. The House - run by Republicans - has passed two resolutions and bills that could address the debt ceiling - but Democrats in the Senate have slammed both down.
What are your thoughts on this? For me, Jon Stewart put it best, regarding this squabble between parties:
"My question to Congress, and a question from many Americans as of tonight is this: do you want out of this relationship so bad, but don't have the balls to leave, so you all decided to act like such giant ***holes that you force us...to break up with you? Because if so, just get the **** out."
"
No one really knows what's gonna happen if we DO default, but there is a consensus that our sterling credit rating of AAA will be cut down to AA...something we have never seen happen to us before. This would make us look like a more risky investment to other countries...and they would likely make necessary adjustments, harming our economy. Did I mention that this could send shockwaves throughout our markets and affect other markets? Stocks gave us a preview this week: they made their worst 5-day finish in over a year.
All eyes are on Congress now as they try to raise the debt ceilings, but unfortunately Washington is going nowhere fast. The House - run by Republicans - has passed two resolutions and bills that could address the debt ceiling - but Democrats in the Senate have slammed both down.
What are your thoughts on this? For me, Jon Stewart put it best, regarding this squabble between parties:
"My question to Congress, and a question from many Americans as of tonight is this: do you want out of this relationship so bad, but don't have the balls to leave, so you all decided to act like such giant ***holes that you force us...to break up with you? Because if so, just get the **** out."
"