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      06-02-2011, 09:32 PM   #29
1997gtx
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Drives: 08 328xi | 08 S5 | 02 S4
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Quote:
Originally Posted by KGB7 View Post
Fact based on what exactly?? And i want to see hard evidence and not just random BS words like every idiot that loves Obama has randomly spitted out here so far with out backing up a single word.

So you either have hard facts and evidence to back it up or GTFO and stay out!
It's easy ... I'll quote some of my favorite communists:

Quote:
Originally Posted by some Commie
“The full consequences of a default – or even the serious prospect of default – by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar.”
Quote:
Originally Posted by another commie
the people who are threatening not to pass the debt ceiling are our version of Al-Qaeda terrorists.’
Quote:
Originally Posted by super commie
Congress consistently brings the government to the edge of default before facing its responsibility. This brinksmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest rates would skyrocket, instability would occur in financial markets, and the Federal deficit would soar.
It's really common sense. We run out of money in May (really more like July). If we can't take out further loans to pay for things, we literally can't pay for anything.

Think of this way. You 'own' a business. You take out loans to pay payroll. If you can no longer take out loans to pay payroll, then your business closes. This is actually what has happened with many small businesses over the past few years as lending had tightened. The same theory applies to the government. No loans = no paying for ANYTHING. And then the world-wide markets go into a tailspin again. A global depression.

Simple theory.

Reducing spending by 20% and not raising the debt ceiling won't even work. We still need to borrow money to pay for things.

Republicans all agree with this. They just like to demand cuts to appease their base. They all know they eventually have to vote for the debt ceiling to be raised.
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