Quote:
Originally Posted by tw
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.
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Wrong. Both the Treasury dept and Moody's have stated that there will be NO default of any US debt.
Some programs will be cut back, but NOBODY will be defaulted on.