Refusing to borrow any more money signals to creditors that we won’t further dilute their investment by printing money. The White House says that this would be catastrophic.
How exactly does increasing confidence lead to catastrophe? Sell some CO2 to Al Gore would be my advice.
how much of the newly-printed money needs to be used to pay past borrowings?
All of it, plus some more that they still need to borrow.
Not diluting the principal but not paying the interest, either. Makes greek debt look more attractive in comparison.
The catastrophe would be that we’d no longer have the extra cash for payola and stupid, asinine studies and bridges and the like. No money for back room deals.
I’m sure most of us has seen that if we don’t raise the debt ceiling, the U.S.’s monthly income is still enough to cover the interest, the military, SS, medical obligations, Homeland security and still have $54 billion left over EVERY MONTH!! for discretionary spending!!
Demand that your congressman not cave to this insipid compromise!
Did anyone notice how Boehner had to go back and include provisions for a Balance budget amendment? What? Did he forget to put that in?
“I’m sure most of us has seen that if we don’t raise the debt ceiling, the U.S.’s monthly income is still enough to cover the interest, the military, SS, medical obligations, Homeland security and still have $54 billion left over EVERY MONTH!! for discretionary spending!!”
That being the case it makes me wonder why you have had to borrow for the last XXXX months? You seem to be awash with cash the way you say it James!
To quote Blackadder, pay the fools and be gone with them…..
Andy
Obama wants chaos.
Close – the old USSR could not bring us down, so they have to use the Manchurian candidate. The US is not in danger of default – by law. But then the law does not seem to be a factor for Obama.
How can you balance a budget……..when the Dems have refused to make one since they took over in 2007
If you don’t have a budget, you can just spend spend spend……
…and blame it all on Bush
STOP SPENDING! Pay the debt! That is what I did 30+ years ago and saved enough to retire at 58 and pay cash for my retirement home!
Were you single?
I’m guessing with that name suyts he might well be ……
😀
Andy
James:
Actually no and my wife at the time had set her goal to retire at 55 which she did as her pension allowed her to draw at that time. Luckily she did but unluckily she was diagnosed with cancer that had metastasized and lasted another 6 months. I remarried a year later at her request. It was the best twenty five years of my life.
AndyW:
My six year old grand daughter is visiting for the Summer and she wanted to call me Grampy. I agreed if it was spelled with a “U” rather than an “A”. Now she caklls me Grumpy sometimes and Grampy sometimes! Hope that clears it up! 😉