So, we're fucked, right?

[Headache in a Suitcase]

President Obama will use the bully pulpit in prime time tonight and House Speaker John Boehner will give Republicans side immediately after as the two take their party’s separate cases to the American people in a high stakes and last-minute fight over the debt ceiling.

The President will address the nation live at 9 pm from the East Room

apparently the big O will say that the US is at an "imminent threat of default"

[yolland]

I'm kind of afraid to watch, honestly.

[deep]

"We raised the debt ceiling seven times during the Bush Administration," Warren Buffett told CNBC on Thursday. Now, the Republican-controlled Congress is "trying to use the incentive now that we're going to blow your brains out, America, in terms of your debt worthiness over time."

[Headache in a Suitcase]

just because we did it a hundred times before doesn't mean it's a good idea to keep doing it. obviously we need to do it in the short term here, but we need serious discussion on paying down the debt and becoming a more fiscally responsible nation.

unfortunately neither one of these douchebag parties are capable of thinking of anything other than their own political futures, so yea... we're fucked.

no where in the constitution does it say anything about a two party system filled with schmucks who put party loyalty in front of what's good for the country. fuck the democrats, fuck the republicans. they both suck.

[financeguy]

Default, or debt renegotation as we prefer to call it nowadays, isn't the end of the world. Countries have recovered from default and prospered.

[maycocksean]

It's not complicated. When you're spending more than you are taking in--there are TWO things you do, not one.

--Reduce your spending
--Seek out ways to increase your income.

Ask any American who's opted to take on second job or work longer hours. . .spending cuts alone aren't always sufficient.

[iota]

I was really hoping Obama would man up and threaten to use the 14th ammendment. Then Boehner would have instantly appeared powerless and foolish. There is only time now to pass the Cut, Cap and Balance clone bill and it will keep us in this turmoil for the next 6th months. Why? Because the freshman class wants to hold us all hostage indefinitely. The 14th ammendment is the only way out, and will instantly render this pathetic excuse for a congress impotent.

[Irvine511]

[Canadiens1131]

Republican Party want to create a debt default situation to blame Obama for when they run in 2012. Even if that involves wrecking the country's credit rating.

Democrats are idiots, but the Republicans are leading the idiot charge this election cycle.

[Caleb8844]

Originally Posted by Canadiens1131

Republican Party want to create a debt default situation to blame Obama for when they run in 2012.

And Democrats want to put off the inevitable until after 2012, so that it's not a major issue in the election. Neither party gives a damn about anything but playing politics.

[Earnie Shavers]

Originally Posted by financeguy

Default, or debt renegotation as we prefer to call it nowadays, isn't the end of the world. Countries have recovered from default and prospered.

Yes, but the US, with this timing? Not exactly the same as, say, potential impact of Ireland defaulting or something.

[kramwest1]

The U.S. doesn't have to default to have our credit rating downgraded. It's the sure way, but just being reckless can do it, too.

So, I agree with the premise, we are fucked.

[maycocksean]

Originally Posted by Irvine511

"Under the current administration we've seen government spending skyrocket, blah, blah, blah."

Let's not let facts get in the way or anything now. . .

I've always felt this sanctimonious sermonizing from the Republicans and their supporters about the debt is total bullshit. What did we hear while Bush was dramatically increasing the size of government. Not a peep.

I simply do not buy that the Republican party and certainly not ordinary voters really care that much about the government's debt. This is all political, period.

[Irvine511]

it boggles the mind how the Bush Tax Cuts won't even be considered by the conservative suicide cult GOP.

[U2DMfan]

Oh yeah, we're pretty much fucked. Even if they raised the debt ceiling two hours from now, we'd still be fucked in the longterm. Why? It's the same reason they are all playing politics with this issue. And it's the only reason for this super insane partisan loyalty. It's also the only reason that the two Rep Senators (Gang of Six) not running for re-election are actually agreeing to tax increases - and one of them is mega-fiscal conservative Tom Coburn. It's not about principles in the least for the super vast majority of ALL of them, Reps and/or Dems.

Special interests/lobbyists = $$$ = re-elections.
It really is that simple.

Nothing could possibly illustrate this better than the Norquist charade.
If these Reps agreed to tax hikes, they would be committing political suicide because of that particular special interest. And more or less, that's how all of it works. That's why the health care bill was done behind closed doors and written by the insurance industry themselves. It's really not that hard to figure out. This is the game of US politics. And this is why a few of us knew that Obama's 2008 rhetoric was pure nonsense.

[ntalwar]

Originally Posted by financeguy

Default, or debt renegotation as we prefer to call it nowadays, isn't the end of the world. Countries have recovered from default and prospered.

Russia in 1998 is an example of this - fortunately for them, oil prices rebounded pretty quickly. At the individual level, however, a currency devaluation could wipe out savings accounts. Retirees and those close to retirement would be hit pretty hard.

[Billy Rotten]

3 words - tax the rich!

[INDY500]

3 words - Balanced Budget Amendment

[nathan1977]

Originally Posted by INDY500

3 words - Balanced Budget Amendment

4 words - Not. A. Real. Solution.

[INDY500]

Originally Posted by nathan1977

4 words - Not. A. Real. Solution.

Agreed, not in one week, but it's the only way to stop the cycle of spend-raise the debt limit-spend-raise the debt limit.