| Blogs > 1ClassyLady > U r responsible for ur life |
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What happens on Oct. 17 if Congress doesn’t lift the debt ceiling? The clock is clicking toward the Oct. 17 deadline at which point the Treasury Department says the debt ceiling will be reached. Q: Will that mean the U.S. has defaulted? A: No, with a few asterisks attached. The Treasury won’t be able to borrow any longer. However, the U.S. Treasury will still have some money — probably on the order of $20 billion to $30 billion. So the government will still have money to pay incoming bills. That is, of course, if investors continue to roll over their debt and don’t panic and cash out. The U.S. Treasury will roll over at least $302 billion in outstanding federal debt between October 15 and October 31, the Bipartisan Policy Center estimates. There are two different definitions on default, to make matters more confusing. The White House, as articulated in recent testimony by Treasury Secretary Jack Lew, is of the view that any non-payment of an obligation — whether that’s interest on a Treasury bill or a Social Security payment — is default. Many Republicans argue that only non-payment on debt constitutes default. Another point, made here in a nice column by Felix Salmon of Reuters, is that the U.S. already has defaulted — by not paying government workers the money they’re contractually agreed to pay. But that’s not a widely shared interpretation. Q: How long will that cash last? A: Again, it’s impossible to pin down. Much depends on how the economy performs, and whether those individual and business withholding taxes are still coming in at a normal rate. Attention is being put on Oct. 31, when the U.S. needs $6 billion to make a coupon payment. Some financial analysts think the U.S. may be able to make that payment even without the debt ceiling increased. Much depends on whether the broader economy comes to a standstill or not. The Bipartisan Policy Center says by Nov. 1, that’s it — the Treasury is broke and will default on something. The next interest payment after Oct. 31 is Nov. 15, when the Treasury will have to pay $29 billion. Honesty is the best policy. |
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We have a respectful exchange.... as to disagreement, in part yes, and some parts no... 
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Fact or not as to the precision of accuracy regarding debt.... the premise of realism is there is a matter of debt... and the matter of debt has to be addressed, and broad realism is , there are more factors than one may readily consider which bears upon what is debt and what that debt supports.
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you wrongly assume much... the correct statement said: there is much more for those who invest themselves to read that did not imply blogs or any specific area to read, but it is to ones advantage to read, now its up to you as to where you choose to do your reading. As to CSPAN or other methods of political presentation, one has to discern what they see and hear and it is quite easy to go and find any bill up for discussion and read as much as one wants to read. As to the matter of process, maybe for each individual, they may want to have some concern as to whom they choose to represent them in a given area or district. What ever means you gain your perspective of political reasoning is fine with me, because you have to cast your own votes when its time to vote. Such is the nature of what is Democracy.... Now what that representative does once in office, is as well each voters responsibility. If they choose to accept it as theirs.
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there is much more for those who invest themselves to read, as well as go to the actual place where politicians speak and then make ones decision, Thankfully today, we have CSPAN, which does televise the actual sessions.
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The foolishness of Cruz is still driven by madness, eventually people may wake up, but it may take a heavy blow to stun them out of the complacency.
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Obviously, you are a Republican, o4sushi. After 9/11/2001, the impact was so traumatized Americans. Greenspan lowered the interest rates. People started to refinance their mortgage loans. Bush Jr. offered "easy borrowing" loans for public, no credit check, no income check, 120% financing, ..... so crazy at the time. The American dream - to own a house pushed the Real Estate to higher and higher. I sold my property in June 2007. However, people can't afford the payments and foreclosures rates kept raising. The banks started to bankrupt in 2008, 2009, 2010. Lemon Brothers disappeared, financial crisis. Do you remember? Osama bin Ladin wanted to hit American economy by sending those 19 stupid young Muslim boys flew 4 of our planes into WTC twin towers. We, as Americans, have been set-up by this evil bin Ladin, our economy was in crisis just as bin Ladin wished. When I just came to USA in 1980. I had to put at least 20% down-payment and the monthly payment has to be 30% of my monthly salary to get a loan approval. Why did Bush Jr. allow people to get "easy borrowing loans" after 9/11/2001? The Real Estate booming was just a "mirage". It is a huge mistake, it needs a long time to recover. That's why Obama won the election twice. Why did Bush Jr. allow people to get "easy borrowing loans" after 9/11/2001? The Real Estate booming was just a "mirage". It is a huge mistake, it needs a long time to recover. Bush did it because it was a method to give the ILLUSION that the economy was moving, because he had not idea of how to stabily improve the economy, he tried war and then a second war and then he set up to get the money equity out of peoples home to create the delusion, this was to create a mirage, so that he could increase his borrowing to cover his war cost. The sham lasted 3 yrs and then signs of the collapse were showing, so they over traded the commodities and falsely attached rating to these packaged bond and traded them until they became exposed as being worthless. It the same thing they learned for the Enron game, of how to gamble on speculative programming, and each time it resulted in Collapse. But all he continued to do was give the wealthy more and more tax breaks to keep them playing the game, until it all played out. Every effort Obama has tried to engage to build stability, Republican attack it, because they don't believe in economic equilibrium, they believe in white dominance at any cost and any degree of damage. History has recorded the truth, and time will bring it forth, Already Republican have tired to re-write it and paint Bush in a better light, but the truth continues to reflect upon the Bush acts and the truth cannot be hidden.
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Geez, you are really invested in the Republican spills. Do you realize what it means and what is cost to be rebuild a economy that was crashed and devastated by the Bush years, and the impact and loss it cost the world community in economic despair. If you think that mess could be fixed for free you are sorely unaware. You also carefully neglected as if with Republican Amnesia the fact that it was stated at the last phase of the Bush Administration, that it would be 10 yrs before the Budget would be balanced, and it would take the next decade for the war cost to factor into the debt and expense of the US... but you carefully and selectively ignored any and all of that. Ask yourself another question, what is the liability of 30 -40 billion a month over 10 yrs with war expense, and borrowing to pay for it, along with 30 billion just with China of trade imbalances per month. But surely these numbers mean nothing to you, because your have the selective amnesia and denial mentality which would not factor these truths. Maybe you are not acknowledging it is still taking more time to get out of Afghanistan which is very costly to deal with. As well as maybe it has not even become a factor that lending to industry is still necessary at 0% to strengthen the national economy until it can withstand the partisan bickering in the Republican Single Mission to insult and destroy the Presidency of Obama. But none of these things matter, because the issue is as the Tea Party claim, "take back out country" as if they think America belongs to white right wingers. If that is not Confederate Ideology, then someone simply is not calling it what it is. Gas went from $17 dollars a bbl up to $147.00 a bbl under Bush.... geez, not get it right or don't make statements about things you have not payed attention to. I was actively tracking fuel and sharing that with a Major company at the time this all took place. During this time China made a world tour where it set a bench mark of $50 cash per bbl, because the competitiv use needs of the US and Its Military vs China and its Growing Auto market became even more enhanced. Once this bench was set based on cash... the speculators took it up to where it is today, but it will not fall below $50 because that is the agreed amount that China proposed to purchase oil. As to cost, Bush and his war damage and medical care for American's has not even hit its peak of cost, nor has the repatriation cost to the damage that was done to Iraq, nor Afghanistan, when these cost come in and the tally is factored, these cost are directly attributed to the actions of Bush, not Obama.
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You missed a very crucial point... Lincoln was a U.S. Republican, at the time the Republican Party had not been over taken by the Confederate Democrats, the Democrats of the CONFEDERACY, were all about supporting the wealthy and slave holders, the Confederate Republican were for the people. At the time, the US Republicans were for the people and equality as what Lincoln supported. But the CONFEDERATE democrats took over the US Republican party, and the US Democrats became more about liberty and liberal policy for the people, which included an influx of the once Confederate Republicans. who were for the people. Go back and look at the various points these transition took place, and you will see the ideological flips and how people mus-interpert the concepts of Republican and Democratic Historical position, without regard for the policy flips that took places in the transposition of Party stands. but fist people need to understand what is Southern Confederacy and what is US Democracy. then they may understand better what is a Confederate Democrat and What is a Confederate Republican, vs What Was a US Republican and what Was a US Democrat, and then they can understand how the Confederate south to over take the opposite party. sadly, most people don't want to think or review history enough to grasp that trans-positioning and the time span it took place. I prefer to watch CSPAN if and when I want to know what Politicians actually said, rather than the news and their spin on it. Democrats in 2008, as well as 2010 included responsibility clauses in the bailout. The Republican method of bail out was to simply give the money and ask no questions. As to the Health Care, you missed the whole point of it. Understand a deductible is far less expense than insurance companies requiring people to pay 20% or more and denying to cover certain things. .Before this program you could be strapped with $50-60k or more in medical bills, after the insurance paid and denied various payments and put lifetime caps on your benefits. ... with this program, once you meet your deductible, you don't have to worry about getting $50-60K of bills later. It is called affordable in the sense it will not cause a family to become bankrupt if they have a major medical issue, it is far better to have $5-10-12k deductible, than to have a massive bill that could be 50-60-100k or more..in bills that insurance would not cover. If you note, the President kept saying but people could not hear for listing the Right Wing drama, but he kept saying, a family should not be thrust into bankruptcy just because they have medical issue that become expense to treat. If you look at the big picture, and not at the meager premium, it may become clear the benefits of this program. If you try to buy a policy without this program, it could cost you $12K a year for a good policy, which still will have exclusions, lifttime caps, and you still will be stuck with up to 20% copayments on major medical. Under the Affordable Care act, you pay your premimums, that range from $200- $365 a month, with a deductable range, along with potential tax credits for the premiums and tax deductions for the paid deductible... that is 1000 times better than buying Insurance without this program. When I was outsourced in 2005 and given one year of medical under the Cobra plan, it cost me $300+ a month, with Cobra assistance, and when that was over it would have cost me $700 a month to get a decent plan, and that was not even the best plan Blue Shield listed, still it had deductibles and Co Payments and many exclusions and lifetime caps. People should read more and invest to understand the dynamic benefits of the Affordable Care Act and stop listing to the Right wing crying about tax money, because the only aim of the right wing is to extend tax credits and tax relief to the wealth, so they are against anything that does not give all the tax benefits to the wealthy, they detest anything that use tax credits for the working people. If you doubt any of this, go out and buy a policy outside of the ACA ( Affordable Care Act) and see what your yearly cost is. In 2005 -2008 the people who lost job covered insurance skyrocketed into the millions, only those who still get job covered group coverage are fighting the program, and if most jobs provide coverage that you are comfortable with you are not obligated to participate in the ACA. I have a good policy now with the current job, I pay, $275 a month, I because it is a group policy, but if I tried to buy the same thing outside of the ACA program it would cost me, upwards over $700 a month and still not match the current group policy.. But If I went to the ACA exchange to get comparable coverage it would not cost me more than $365 a month and it would not have exclusion nor lifetime caps. I also have VA coverage, so using this in combination I get good medial services .... I did not need to participate in the job insurance, but I do, so my coverage spectrum is very good. People should not be misled by the vitriol of the Right Wing, but the right wing know they can push drama and people will dismiss facts and go for the drama. Jay Leno did an excellent skit asking people questions on the street, it proved how ignorant people are, some said, they'd reject Obamacare but they would approve of the ACA... these people were unaware that Obamacare is ACA.... but they just hate the word Obama attached to anything. And, a law that further has nothing to do with Health Care as it is all about health insurance and eliminating the tax free insurance benefits provided by corporations (your employers) so they could siphon more taxes from you and the rest of our Citizens. This statement is flat out wrong.... you missed the point entirely. The first step was to try and get insurance to reimburse the excess premiums, when that did not work, the ACA was even more strengthened to build a system to avert Insurance company gouging and then denying services or dictating a scaled back service with caps and exclusions ... it was designed to assist people to have insurance at affordable rates, whether they wanted to opt out of job provided group coverage or they did not have access to job sponsored group program coverage. Additional the plan to raise the minimum wage, links with the capability of people to be able to buy the insurance through the exchange, But any America who understand the system and the nature of respect of citizens should be very careful when they hear Right Wing party crying about "their" tax dollars. Democrats are far from perfect, but at least they have a concept that puts people ahead of greed programs of tax benefits only to the wealth. They have tried to deal with banking reform and jobs creations, all of which was fought against by the Right Wing.
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You missed a very crucial point... Lincoln was a U.S. Republican, at the time the Republican Party had not been over taken by the Confederate Democrats, the Democrats of the CONFEDERACY, were all about supporting the wealthy and slave holders, the Confederate Republican were for the people. At the time, the US Republicans were for the people and equality as what Lincoln supported. But the CONFEDERATE democrats took over the US Republican party, and the US Democrats became more about liberty and liberal policy for the people, which included an influx of the once Confederate Republicans. who were for the people. Go back and look at the various points these transition took place, and you will see the ideological flips and how people mus-interpert the concepts of Republican and Democratic Historical position, without regard for the policy flips that took places in the transposition of Party stands. I prefer to watch CSPAN if and when I want to know what Politicians actually said, rather than the news and their spin on it. Democrats in 2008, as well as 2010 included responsibility clauses in the bailout. The Republican method of bail out was to simply give the money and ask no questions. As to the Health Care, you missed the whole point of it. Understand a deductible is far less expense than insurance companies requiring people to pay 20% or more and denying to cover certain things. .Before this program you could be strapped with $50-60k or more in medical bills, after the insurance paid and denied various payments and put lifetime caps on your benefits. ... with this program, once you meet your deductible, you don't have to worry about getting $50-60K of bills later. It is called affordable in the sense it will not cause a family to become bankrupt if they have a major medical issue, it is far better to have $5-10-12k deductible, than to have a massive bill that could be 50-60-100k or more..in bills that insurance would not cover. If you note, the President kept saying but people could not hear for listing the Right Wing drama, but he kept saying, a family should not be thrust into bankruptcy just because they have medical issue that become expense to treat. If you look at the big picture, and not at the meager premium, it may become clear the benefits of this program. If you try to buy a policy without this program, it could cost you $12K a year for a good policy, which still will have exclusions, lifttime caps, and you still will be stuck with up to 20% copayments on major medical. Under the Affordable Care act, you pay your premimums, that range from $200- $365 a month, with a deductable range, along with potential tax credits for the premiums and tax deductions for the paid deductible... that is 1000 times better than buying Insurance without this program. When I was outsourced in 2005 and given one year of medical under the Cobra plan, it cost me $300+ a month, with Cobra assistance, and when that was over it would have cost me $700 a month to get a decent plan, and that was not even the best plan Blue Shield listed, still it had deductibles and Co Payments and many exclusions and lifetime caps. People should read more and invest to understand the dynamic benefits of the Affordable Care Act and stop listing to the Right wing crying about tax money, because the only aim of the right wing is to extend tax credits and tax relief to the wealth, so they are against anything that does not give all the tax benefits to the wealthy, they detest anything that use tax credits for the working people. If you doubt any of this, go out and buy a policy outside of the ACA ( Affordable Care Act) and see what your yearly cost is. In 2005 -2008 the people who lost job covered insurance skyrocketed into the millions, only those who still get job covered group coverage are fighting the program, and if most jobs provide coverage that you are comfortable with you are not obligated to participate in the ACA. I have a good policy now with the current job, I pay, $275 a month, I because it is a group policy, but if I tried to buy the same thing outside of the ACA program it would cost me, upwards over $700 a month and still not match the current group policy.. But If I went to the ACA exchange to get comparable coverage it would not cost me more than $365 a month and it would not have exclusion nor lifetime caps. I also have VA coverage, so using this in combination I get good medial services .... I did not need to participate in the job insurance, but I do, so my coverage spectrum is very good. People should not be misled by the vitriol of the Right Wing, but the right wing know they can push drama and people will dismiss facts and go for the drama. Jay Leno did an excellent skit asking people questions on the street, it proved how ignorant people are, some said, they'd reject Obamacare but they would approve of the ACA... these people were unaware that Obamacare is ACA.... but they just hate the word Obama attached to anything. And, a law that further has nothing to do with Health Care as it is all about health insurance and eliminating the tax free insurance benefits provided by corporations (your employers) so they could siphon more taxes from you and the rest of our Citizens. This statement is flat out wrong.... you missed the point entirely. The first step was to try and get insurance to reimburse the excess premiums, when that did not work, the ACA was even more strengthened to build a system to avert Insurance company gouging and then denying services or dictating a scaled back service with caps and exclusions ... it was designed to assist people to have insurance at affordable rates, whether they wanted to opt out of job provided group coverage or they did not have access to job sponsored group program coverage. Additional the plan to raise the minimum wage, links with the capability of people to be able to buy the insurance through the exchange, But any America who understand the system and the nature of respect of citizens should be very careful when they hear Right Wing party crying about "their" tax dollars. Democrats are far from perfect, but at least they have a concept that puts people ahead of greed programs of tax benefits only to the wealth. They have tried to deal with banking reform and jobs creations, all of which was fought against by the Right Wing.
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Obviously, you are a Republican, o4sushi. After 9/11/2001, the impact was so traumatized Americans. Greenspan lowered the interest rates. People started to refinance their mortgage loans. Bush Jr. offered "easy borrowing" loans for public, no credit check, no income check, 120% financing, ..... so crazy at the time. The American dream - to own a house pushed the Real Estate to higher and higher. I sold my property in June 2007. However, people can't afford the payments and foreclosures rates kept raising. The banks started to bankrupt in 2008, 2009, 2010. Lemon Brothers disappeared, financial crisis. Do you remember? Osama bin Ladin wanted to hit American economy by sending those 19 stupid young Muslim boys flew 4 of our planes into WTC twin towers. We, as Americans, have been set-up by this evil bin Ladin, our economy was in crisis just as bin Ladin wished. When I just came to USA in 1980. I had to put at least 20% down-payment and the monthly payment has to be 30% of my monthly salary to get a loan approval. Why did Bush Jr. allow people to get "easy borrowing loans" after 9/11/2001? The Real Estate booming was just a "mirage". It is a huge mistake, it needs a long time to recover. That's why Obama won the election twice. Honesty is the best policy.
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I dislike Sarah Palin and "Tea Party". They are protesting just for the sake of protesting. I've NEVER watched Fox News. Our government will re-open tomorrow. However, U.S. needs $6 billion to make a coupon payment by Oct 31, and then pay $29 billion by Nov 15. Do we have that kind of money? or we are just kicking the can down the road that will be feasible? I think I manage my financial better than our government. (At least I don't have another party against me) I do use my credit cards, but always paid off before the due day. The banks won't get my late charges or interest. My credit scores are high. The reason that I use my credit cards are to get 1% cash back and delay payment till the statements come. Recently, my mom passed away and I spent near $20,000 for her nursing home co-payments plus her funeral. I charge credit cards several times and got CASH back near $200. Not a bad idea to save some bucks. I paid off $20,000 before the due day. Sometimes, banks offer credit card promotion and I can get extra points. I am just a small operator. I don't know how well of our Treasurer can manage money. $17 Trillion = $17,000,000,000,000. Honesty is the best policy.
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The President should have the power to issue and Executive Order to fund the government and pay its bills and set the nations debt limit on a 5 year cycle. This is something that never should exist as a power in the hands of congress. It just goes to show that the Confederate Minded whites will destroy anything if it can't control and dominate it... This has always been the Ways in America... The South is an example, the slaughter of the Indians, and the way this nation has functioned when led by Republicans has continually demonstrated this madness....
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We may get a chance to get rid of the crazy republicans, maybe there will be a push to get the Treasury to manage the debt and debt ceiling and take it away from congress... congress should only vote on legislation, not have the authority to shut down the government or anything else which is Law and or Constitutional. The world get's to see how crazy Republican Agenda is... 17 Trillion is not an issue if they stop and look at the actual value of things, we have companies with value of billions and 10's and even 100's billion.... the Economist should get off their butt and re-assess things, and stop trying to base the economy on the model as if things are equated in 10's of billions and realize the factors have adjusted up more than 20 yrs ago. As to debt, the rest of the cost to fix the losses of Bush Years has not come in, the debt will go higher, because people are and have ignored exactly what this man spent on war and what the markets actually lost when they crashed the global economy in 2008. When they get over the denial mentality, and factor based of what really happened... and what it cost... We are still wasting Billions upon billions in Afghanistan. They are focused on the wrong things, No nation can continue decade upon decade of supporting a $30 billion a month trade deficit with any single nation.. Simple logic would say, fix the trade problem, rebuild and focus on rebuilding industry and re-consider trade agreements. We went through 8 yrs of funding wars on borrowed money, and credit was propped up with borrowed money, while Industry was on a fast boat away from the nation... This was and is stupid and insane and as along as the greed monsters can make 3000% by seeking slave wage labor on foreign soil... it is doing nothing but repeating the old Confederate South.... The More the President tries to change that paradigm, the more these Confederate minded republican fight against it. Eventually the American people will wake up... but it takes one segment, a very long time to get past their denial mentality and their selective amnesia... they only wake up when their convenience is taken from them. Medical care only became Law when the mass of white people were no longer able to have employers to pay for their medical, and they could not find work... then they realized the need for medical care.. Before that they were in denial and with amnesia about the people who never had medical care. All that has been demonstrated is: America has a vast population of Confederate Minded Racist and Bigots, who have been exposed in this fiasco, now its time for the Liberal minded people to stand up. They also might wake up to the reality that white people use public benefits 4:1 over any group of minorities in America and its always been these high ratio's but the denial mentality group chose to be like they were filled with amnesia when those facts are discussed. It has also demonstrated how ignorant many people are and how easily many follow mob calls rather than listen and pay attention to factors and facts. The Tea Party rose up as a Confederate Racist Bigot group, the minute they saw a black man in the office of the President, they became even more anti government, because the Confederate minded groups have always thought government is only suppose to serve them and their aims... Tea Party and the Republican Ranks are doing nothing but re-fighting the Civil War in this day and era. these groups don't represent what America is Designed to be based on its Constitution. They have been playing voter suppression games and every other racist and bigoted based game they can muster. The new revolution will be what may come as a means to remove them and it may even come down to this nation finally stopping its denial about this faction and realize they have been with aims to attack the government since the impasse of the Civil War. These fools never conceded. Remember it took a 100 yrs to pass Civil Rights, and they became more vile after that happen and began their game of seeking new slaves of foreign soil.... When President Obama spoke of building from the bottom up, these groups of Confederate Minded Republican became more vile than they were during the time of Civil Rights challenges.. They attacked anything and everything. They do not believe in Equality nor Economic Equilibrium in America, they still want and they still pursue white rule and white dominance,.... This time the global community is watching, and some nations are even more aware of the vile of this group. They even attack the president because he would not rush into Syria, they are angry because he left Iraq... Remember McCain said if he had to he'd stay there 100 yrs. this is the same group that attacked the President because he talked with the New Iranian Leader... They hate diplomacy, because it signals a sense of equality in relations and communications and they detest that concept on any and every level. many nations may well rise up and seek to go back to the Gold Standard, because many nation began buying Gold back in 2007, Iran spoke of changing from the America dollars a few years ago, now faction in China is looking at that options as well as many other nations if they loose any money from this mess, they will began the process to find another means to base their currency.
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The total U.S. National debt is near $17 trillions. . Honesty is the best policy.
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