Post by Deleted on Jul 14, 2011 9:45:16 GMT 10
WASHINGTON — Failure to raise the U.S. debt limit would probably ensure President Barack Obama's re-election in 2012, Senate Republican leader Mitch McConnell warned fellow conservatives on Wednesday, fresh evidence of deep GOP political divisions on an issue of paramount importance to the nation and its economy.
McConnell spoke before Obama and congressional leaders met privately at the White House for a fourth straight day — they broke up after a little over two hours — struggling to avert an unprecedented government default threatened for Aug. 2. A Republican aide familiar with the talks said Obama abruptly ended the meeting by walking out of the room.
At the same time, Moody's Investors Service announced it was reviewing the U.S. bond rating for a possible downgrade, a change that could lead to higher interest rates for many Americans. Moody's cited a "rising possibility that the statutory debt limit will not be raised on a timely basis."
McConnell spoke before Obama and congressional leaders met privately at the White House for a fourth straight day — they broke up after a little over two hours — struggling to avert an unprecedented government default threatened for Aug. 2. A Republican aide familiar with the talks said Obama abruptly ended the meeting by walking out of the room.
At the same time, Moody's Investors Service announced it was reviewing the U.S. bond rating for a possible downgrade, a change that could lead to higher interest rates for many Americans. Moody's cited a "rising possibility that the statutory debt limit will not be raised on a timely basis."
A few thoughts.
They dont raise that limit, which the Republicans seem intent on doing, and the US defaults, we are all fucked, it will make the 2008 crisis look like a picnic.
Are they all just fucking stupid?
The yearly budget deficiet now stands at around $1 trillion.
They have debts of $14 trillion.
The tax rates are the lowest since the 1950s.
But appearantly these two facts are not linked.
We are all headed down the drain and the political talent to stop it seems non exsistent, its all about playing political games while we all pick out the cardboard box we are going to move our familes into when the shit hits the fan.