Why scaring grandma won't work

Pelosi too busy to be bothered with silly debt talk. "Driving down these streets for these meetings." Wow, must be tough to be Pelosi. Have to drive to a meeting to keep the country from defaulting.

http://www.cnsnews.com/news/article/pel ... usy-contin

“I myself am almost too busy to continue listening to some of the things that are going on in that room,” said Pelosi. “So I know he must be very busy. But he has treated everyone there with great dignity. The only thing I hope he doesn’t ask us to do is go to Camp David. That goes beyond the pale. Driving down the street for these meetings is one thing --.”

The nation will only default upon its debt if the current executive of the nation voluntarily decides to pursue that course of action. The federal government might have to break a few (ok, all) of its promises regarding its distribution of charity, but it can service the debt of the nation and perform the functions it was created to perform with the current revenue it receives. If the president is truly foolish enough to choose default on the debt, one can only surmise that was the change that the people who voted for him were hoping for.

You are correct P.S. -- its not a default, just only 60% of the money needed to fund the gov't will be available. I expect they will pay SS, delay medicare payments and most other contract payments. They have to keep paying interest on the bonds.

It won't happen though. Obama will cave, and then give a big speech scolding republicans for protecting the rich. Its a perfect opportunity for a campaign speech.

Its more than just raising the debt ceiling by 2.5T. No serious long term deficit reduction plan and the bond rating agencies will downgrade and it will be ugly. This is more serious than people realize. Time for kicking the can down the road is over Aug. 2

The federal government is in a rather unique position at the moment, isn't it. It has been threatened with a reduction of its credit rating if it doesn't stop accruing so much debt and threatened with a reduction of its credit rating if it doesn't increase the limit of debt it is allowed to incur. Seems to me the bankers have the politicians in a rather classical Catch-22 doesn't it.

yep....if we can't cover our debt now.....what makes us think we can cover it once the interest rates go up because our credit rating has been down graded?



yeah, I know......the Republicans don't much care what happens to the nation just as long as they get their way. It's all about them and what they want, not about what is good for the country, or it's citizens. I am so sick of the me, me, me, me, from the conservatives.

Since 58% of the people will blame the Republicans if we default, (compared to 34% on the Dems), I almost hope they're stupid enough to do it... Except that when our interest-rates go up because of the default, every 1% of interest will equal $1-TRILLION of debt, and this country will plunge the rest of the way into Depression.

It's also interesting that 67% of the people want to see the budget balanced with a combination of cuts and taxes on the folks that are getting all the breaks, and 30% say they want cuts-only... Hmmmm.... So who are the children in the GOP listening to? I'll be glad when the grownups come back to the table.

see post above....the GOP has not one ounce of concern for this nation or the people .....they don't care what is best for the country.....they don't care what the people need or think.....they only care about appeasing their corporate bosses and making sure the wealthy don't have to sacrifice. It's up to the poor and the middle class to take all the hits on this.

All the more reason for Obama to choose to service the debt first with the tax revenues, don't you think? There will be no default unless he chooses to instruct his Treasury Secretary to default. Obama could get a debt limit increase tomorrow simply by dropping his continued insistence upon the bill containing a tax increase. The Republicans in Congress have even agreed to a further increase of the debt limit that would take the issue off the 2012 election hot plate. The tax increase on the richest 2% of the citizens has been standard fare from him since the campaign of 2008 and was repeated often in 2010 before the midterms. 2 full years of control of Congress after his election the tax increase wasn't done and in 2010 his agenda, including the tax increase, took a shellacking when the citizens gave control of the House to the Republicans and took away 7 seats from the Democrats in the Senate. If he wants his debt limit increase it will be without a tax increase - it really is just that simple. That's what happens when you govern so poorly that the citizens take control of the legislature away from you. Bush had to compromise to get a debt ceiling increase from Congress when it was controlled by Democrats, Obama will have to do the same. The elections are over John.

As has been noted many times in the past, politics is the art of the possible. Right now it isn't possible for the president to get the debt ceiling increase he needs and the tax increase he wants. Which of the two is most important to him? Obviously it is the tax increase which he hasn't been able to even get his own party to go along with yet, otherwise it would already have been raised when his party controlled both the executive and both houses of the legislature. You're trying to have me believe he could get the votes needed to implement ObamaCare but not a tax hike on those evil rich people? Please, the tax hike would have been the easier of the two to cram through Congress with a filibuster proof majority in the Senate and 59% majority in the House.

archer wrote: yeah, I know......the Republicans don't much care what happens to the nation just as long as they get their way. It's all about them and what they want, not about what is good for the country, or it's citizens. I am so sick of the me, me, me, me, from the conservatives.

The good of the country is best served with a $17 Trillion dollar public debt that we have to borrow money to pay the interest on? Really? Your economics professor should have been fired if you truly believe that.

LadyJazzer wrote: every 1% of interest will equal $1-TRILLION of debt, and this country will plunge the rest of the way into Depression.

Where did you come up with that math? 1% increase in interest on 14 Trillion is 140 Billion more interest payment/yr.

And a news flash for you, interest rates are heading up sometime no matter what. We are at historically low unseen interest rates now. No one really knows why they have stayed this low so long. Maybe its because of Bernake's non-stop printing press.