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2nd Term Part 5: Big Brotha

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Re: 2nd Term Part 5: Big Brotha

So, put in your predictions.

My prediction is that we have a govt. shutdown and we default on the debt. I'm also on board as hoping this happens because I see it as the only way anything will change.
 
ScoobyDoo said:
So, put in your predictions.

My prediction is that we have a govt. shutdown and we default on the debt. I'm also on board as hoping this happens because I see it as the only way anything will change.
Click to expand...


Agreed. You can't keep giving into threats without the othe side knowing the consequences. I predict a mini deal on the CR that extends the funding up to the debt ceiling date (mid Oct). At that point time has run out for everybody, but neither side can back down. Obama is adament about not having this happen every 6 months. The Boner wants to keep his job, at least thru this Congressional term, and can't break the Hastert Rule. The Teabaggers don't see a problem with a default. That means we'll have one, and so be it. Its going to be an unprecedented disaster but the GOP isn't offering up a honest compromise. They've had months to appoint reps to hash out their budget difference with the Dem Senate and they've refused to do so. That in of itself tells you all you need to know.

Eventually a clean resolution will pass, followed by The Boner stepping down from the Speaker's position. I really don't know how he survives this.
 
Re: 2nd Term Part 5: Big Brotha

ScoobyDoo said:
So, put in your predictions.

My prediction is that we have a govt. shutdown and we default on the debt. I'm also on board as hoping this happens because I see it as the only way anything will change.
Click to expand...

We wouldn't default on the debt. The debt is the first thing that gets paid, what would have to happen is cutting all "non-essential" services, whoever decides what those are, and then you'd see transfer payments affected, and then dipping into the "essential" service. Our tax base is large enough to cover the debt maintenance payments.
 
St. Clown said:
We wouldn't default on the debt. The debt is the first thing that gets paid, what would have to happen is cutting all "non-essential" services, whoever decides what those are, and then you'd see transfer payments affected, and then dipping into the "essential" service. Our tax base is large enough to cover the debt maintenance payments.
Click to expand...

Treasury won't play that game, especially since they aren't authorized to prioritize payments. Congress needs to give that authority, and the odds of them agreeing to that are....
 
Re: 2nd Term Part 5: Big Brotha

St. Clown said:
We wouldn't default on the debt. The debt is the first thing that gets paid, what would have to happen is cutting all "non-essential" services, whoever decides what those are, and then you'd see transfer payments affected, and then dipping into the "essential" service. Our tax base is large enough to cover the debt maintenance payments.
Click to expand...
LOL

No, we'd default on the debt. We already had our credit rating bashed. It will get bashed even worse the next time.
 
Re: 2nd Term Part 5: Big Brotha

ScoobyDoo said:
LOL

No, we'd default on the debt. We already had our credit rating bashed. It will get bashed even worse the next time.
Click to expand...

This was written in the context of the debt ceiling issue from 2011, but you're likely going to see the same general setup. The entire government won't shutdown. It just won't happen.

US weighing payment priorities if default comes
Published July 29, 2011 / Associated Press

WASHINGTON – If the government can't pay all its bills come Wednesday, odds are it will pay bondholders. Social Security and Medicare recipients will be high on the must-pay list, too. Likely losers: federal workers in jobs deemed non-essential, private contractors and state and local governments.

It seems politically certain that active-duty members of the military would be paid, but there are no guarantees as the government decides which of its 80 million monthly payments to make and which to set aside.

Since the U.S. now borrows slightly over 40 cents for every dollar it spends, a failure by Congress to increase the debt ceiling above the $14.3 trillion limit suggests the government could renege on more than 40 percent of its current obligations.

Just five days before the Treasury begins running out of cash to pay all its bills, Congress remained deadlocked over plans to both raise the debt limit and trim federal spending. President Barack Obama warned anew that the credit status and financial credibility of the United States stand in severe jeopardy.
Click to expand...
 
Re: 2nd Term Part 5: Big Brotha

St. Clown said:
This was written in the context of the debt ceiling issue from 2011, but you're likely going to see the same general setup. The entire government won't shutdown. It just won't happen.
Click to expand...

I know the government won't shutdown. It never does. Certain essential services will stay open while all non-essential will shutdown. What will happen though is our credit rating will be downgraded and we'll be paying more service on the debt. That's the point and the only point that matters. Remember that every single dollar we are talking about today has already been spent and appropriated by the Congress who holds the purse strings. Not a single proposal by the Republicans is saving anyone anything.

What I'm predicting is this:

Credit downgrade.
Whatever Govt. Shutdown means today will happen. I think they said something like 800000 people would be "laid off" on Tuesday.
 
Re: 2nd Term Part 5: Big Brotha

ABC reporting this morning that the Government "Shutdown" is 99.9%. They are predicting no default on the debt. I'm half right so far. They have till the 17th to screw up the full faith and credit of the United States.
 
Re: 2nd Term Part 5: Big Brotha

ScoobyDoo said:
ABC reporting this morning that the Government "Shutdown" is 99.9%. They are predicting no default on the debt. I'm half right so far. They have till the 17th to screw up the full faith and credit of the United States.
Click to expand...
But at least Congress will keep getting paid. They're essential...for something... On the other hand...

Michele Bachmann: "Shutdown will allow us to stop wasteful food inspections and test my new 'Pray the drug-resistant E. coli away' program"
This is a joke...but not really..
 
Re: 2nd Term Part 5: Big Brotha

Priceless said:
But at least Congress will keep getting paid. They're essential...for something... On the other hand...

Michele Bachmann: "Shutdown will allow us to stop wasteful food inspections and test my new 'Pray the drug-resistant E. coli away' program"
This is a joke...but not really..
Click to expand...


Yes!!! Mrs. Non-Essential Government herself. We just call her Queen around here. No other title fits.
 
Re: 2nd Term Part 5: Big Brotha

ScoobyDoo said:
Yes!!! Mrs. Non-Essential Government herself. We just call her Queen around here. No other title fits.
Click to expand...

If the impending government shutdown is such a great idea, why isn't the GOP taking credit for it?
 
walrus said:
Its Harry Reids fault, why would they take credit?
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Your use of the word "fault" is confusing. It is supposed to be a wonderful thing! So why wouldn't the GOP be trumpeting from the rooftops that they are to thank for this glorious event?
 
Re: 2nd Term Part 5: Big Brotha

Priceless said:
If the impending government shutdown is such a great idea, why isn't the GOP taking credit for it?
Click to expand...

One wonders. Probably because Constituents get mad about whose at fault. It's all about the votes and getting people to drink the Kool-Aid. Walrus already believes it's the dems fault.
 
ScoobyDoo said:
One wonders. Probably because Constituents get mad about whose at fault. It's all about the votes and getting people to drink the Kool-Aid. Walrus already believes it's the dems fault.
Click to expand...

One wonders how Harry Reid is to blame, but I suppose when you live in a different world such things make sense, like the green sky or the air made of jello.
 
Re: 2nd Term Part 5: Big Brotha

Priceless said:
One wonders how Harry Reid is to blame, but I suppose when you live in a different world such things make sense, like the green sky or the air made of jello.
Click to expand...

It seems pretty obvious. They never should have passed the Health Care law. Medicare Prescription D when Bush did it was ok but not this.
 
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