Quote:
Originally Posted by Lamplighter
But someone forgot to tell the WSJ and the Treasury Dept yesterday that the debt ceiling hasn't even been voted on yet, and the US has not yet defaulted on anything.
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Government is down to its last $30billion. Once that goes, then government must decide which creditors to not pay. Once payments are not made, then a vicious circle of liquidity freezing takes hold. Similar to what happened in 2007 and in 1998. In those previous events, Fed funds averted a crisis. No such solution exists if extremists get a "We want American to fail" that they want.
They want to increase current debts by quashing the debt ceiling. That will only make existing debts increase for various reasons including those cited by Lamplighter.