Whither Default?
In between his busy schedule of rounds of golf, shadowing Republican Primary candidates in Iowa, selling weapons to Mexican drug cartels so they could be used in crimes here, filming fund raising photo ops in the White House and personally chk-chk BOOM-ing Osama bin Laden in Pakistan, our One in Chief has been busy berating Republicans in Congress to get serious and work to reach a budget deal. You know, a budget. That thing that the Democratically controlled Congress never even presented, let alone passed, in their last year in power. The thing that the Republican controlled Congress passed and the Democrat-run Senate refuses to move on. That budget.
Anyhow, we “need” to raise our debt limit because Congress really really likes to spend money, mostly because it doesn’t come out of their pockets and it gets them re-elected. And we’re told that if we don’t raise the debt limit frogs will fall from the sky, the rivers will run red and lambs will lie down with lions or some such doom-speak
Negotiators will need to reach agreement on raising the U.S. debt limit no later than July 22 so that legislation can get passed in time to stave off a default on U.S. debt, two Democratic officials familiar with the talks said.
The Senate yesterday canceled its July 4 recess to remain in session next week during debt-limit talks after President Barack Obama a day earlier called on Congress to stop taking vacations while the debt-ceiling talks are unresolved.
Not raising the debt limit does not equal default.
Not paying your debt equals default.
The officials said the timeline was necessary in order to raise the legal debt ceiling by Aug. 2, the date the Treasury Department projects it will no longer be able to meet U.S. obligations.
If the debt ceiling is not raised than the Government can not create new debt. There must be automatic spending cuts across the board while we still service the debt.
If Noted Tax Cheat Geithner (acting on his instructions from The One) choses not to “meet our obligations” by not paying the debt that is due it is HE who has caused this problem, not Congress by refusing to raise the ceiling.
Do not raise the ceiling.
Cut spending.
Pay our bills.
Cut spending.
Biz, Media, Nanny State, Politics | Mr. Bingley | 
July 1, 2011 7:03 am
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My head is spinning with your insane, inhuman Rethuglican demands! Take to your corporate jet and fly back to your McMansion, already!
Cut spending? Pay your bills? Now that’s just crazy talk Bing.
Really, Mr. B. Next you’ll bitch you can’t find enough serfs to harvest your grapes.
PS. Happy Fourth, Swiller-Americans.
Don’t make any plans for late August, Gary.
Just sayin.
Times must be terrible if Bings has to start making his own box wine. We’re DOOMED, I tells ya.
And if that McMansion is located in Vineland NJ, burglars will offer to fix the screens they just ruined!
(via AP)