Again, even if Congress doesn't act to raise the debt ceiling by August 2 does
not mean there will be a default. The US Treasury is tasked with
paying America's debts. They have a rather expansive list of powers (including
the power to tax) and Geithner has made it pretty darn clear that a default will
not happen on his watch, no matter what Congress does.Now, what can
send markets tumbling and the economy sinking into an abyss is fear and
speculation. Reports that the US might even consider default are what will
influence things to come.So, could the media do us all a big favor
and STOP FEARMONGERING? Quit with the endless negative speculation and we might
have a chance of pulling out of this yet.Just the facts please, just
I could seriously use an increase to my debt ceiling right now.Where's my
help? Why must I be held accountable for my spending habits?
"stave off a potentially catastrophic U.S. debt default?"Should have thought of this when the checkbook was open.August
15th, our country will pay thirty billion dollars on loan interests. This is
not a one time payment, and equals a hundred twenty dollars for every men,
woman, and child. Can we at least stop foreign aid?
@worf: Foreign aid is a grain of sand on the beach compared to the US debt.
Stopping it won't make a noticeable impact. What we could stop are
the two decade long wars in the ME that have inflated the Defense Department's
budget by about 2/3. That's a significant reduction.