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RedEyes
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What actually happens if the US pays no bills on X date?

I get all my news from Stewart and Colbert. It has been far too long since my junior high American Civics class. What happens if no agreement is reached?
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Old 07-16-2011, 01:00 AM RedEyes is offline  
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Redrum
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us is stripped of triple aaa rating

rating agencies may spring up all over europe, many claim the us based credit ratings are way too biased towards the us this will finally give them reason to form their own

petro dollar may cease to exist, if that happens amerikkka WILL go ape shit

none of this matters anyway really, more trillions will be magicked into existence and in a decade or three you'll find yourself emigrating to china to work as a farm hand or factory worker
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Old 07-16-2011, 01:23 AM Redrum is offline  
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BlisterDick
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your momma so stupid she takes a ruler to bed to see how long she slept
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Old 07-16-2011, 02:41 AM BlisterDick is offline  
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mikeawesome
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china takes over
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Old 07-16-2011, 02:42 AM mikeawesome is offline  
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BlisterDick
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Yo mama so stupid she thought a quarterback was an income tax refund.
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Old 07-16-2011, 02:44 AM BlisterDick is offline  
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pyramid
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cliffs:

1. we default for the first time ever.
2. our credit rating goes down.
3. our rate of interest goes up on existing and future loans.
4. ...
5. eventually, all we can afford to do is pay interest on money we already owe..
6. ffffffffuuuuuuuuuuuuuuuuuuuuuuuuuuuuu...
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Old 07-16-2011, 02:47 AM pyramid is offline  
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BlisterDick
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Quote:
Originally Posted by pyramid View Post
cliffs:

1. we default for the first time ever.
2. our credit rating goes down.
3. our rate of interest goes up on existing and future loans.
4. ...
5. eventually, all we can afford to do is pay interest on money we already owe..
6. ffffffffuuuuuuuuuuuuuuuuuuuuuuuuuuuuu...

stfu you old fogies are the problem

and don't tell me otherwise - you spread your own agendas and then eradicate those who don't share your opinion
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Old 07-16-2011, 02:58 AM BlisterDick is offline  
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zumpiez5
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America will go into a recession, if it is not already in one. Many other countries will go into recession, if they are not already. Eventually all countries debt will be more then their GDP, which means everyone cant pay their debt, which means everyone defaults and currencies become worthless.

Gold keep going up next week if there is no serious compromise, and if the US does default, expect the stock market to drop 2-3k.

The US has never defaulted.... they are referred to in business school books as "Risk Free Rate", which means there is/was no chance of default. Obama has proven that wrong.
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Old 07-16-2011, 07:50 AM zumpiez5 is offline  
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Forever Domon
 
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as to what effects us, in order to pay our debts as best possible even after defaulting (defaulting doesnt mean we can stop paying), a lot of US expenses get cut. Theres a list of about 10 things on the chopping block, ranging from medicare and medicaid to military active duty salaries to defense contracts.
Old 07-16-2011, 07:55 AM Forever Domon is offline  
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gwiber
 
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Quote:
Originally Posted by Forever Domon View Post
as to what effects us, in order to pay our debts as best possible even after defaulting (defaulting doesnt mean we can stop paying), a lot of US expenses get cut. Theres a list of about 10 things on the chopping block, ranging from medicare and medicaid to military active duty salaries to defense contracts.

Of course though.. all the congressmen's pork barrel spending will remain funded...
Old 07-16-2011, 09:47 AM gwiber is offline  
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OneWhoKnows
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I blame the tea party.
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Old 07-16-2011, 09:50 AM OneWhoKnows is offline  
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joemama
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Quote:
Originally Posted by Forever Domon View Post
as to what effects us, in order to pay our debts as best possible even after defaulting (defaulting doesnt mean we can stop paying), a lot of US expenses get cut. Theres a list of about 10 things on the chopping block, ranging from medicare and medicaid to military active duty salaries to defense contracts.
I think foreign aid should be at the top of that list...if not the only thing.
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Old 07-16-2011, 10:11 AM joemama is offline  
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OneWhoKnows
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Quote:
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I think foreign aid should be at the top of that list...if not the only thing.

Most economic foreign aid that the United States participates in is actually a loan with interest.
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Old 07-16-2011, 12:18 PM OneWhoKnows is offline  
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Forever Domon
 
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Quote:
Originally Posted by gwiber View Post
Of course though.. all the congressmen's pork barrel spending will remain funded...
and their own salaries. Theres talk of cutting all federal salaries and active duty military... except congress.
Old 07-16-2011, 12:26 PM Forever Domon is offline  
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OneWhoKnows
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Quote:
Originally Posted by Forever Domon View Post
and their own salaries. Theres talk of cutting all federal salaries and active duty military... except congress.

This is my surprised face.
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Old 07-16-2011, 12:37 PM OneWhoKnows is offline  
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