So here we are again another day and another story about the debt ceiling, sounds like this is getting really repetitive which it certainly is. Seems that they are extremely desperate to do everything and anything they can to get this debt ceiling raised or else risk a totally collapse of the financial system. This should tell all you idiot bulls and people positive about the direction of where this economy is headed is not really what its made out to be, meaning without the continuation of raising the debt ceiling this economy is practically worthless and the only ways of propping it up is by spending money the US doesn't even have!!!!!!!!!!!!! Geithner confident Congress will raise debt limit Geithner expresses confidence Congress will agree to increase $14.3 trillion debt limit ap In this photo released by ABC Treasury Secretary Timothy Geithner is interviewed in ABC's "This Week" in Washington Sunday, April 17, 2011. Geithner said Sunday that Republicans are assuring the Obama administration that they will pass an increase in the government's borrowing limit in time to prevent an unprecedented default on the nation's debt. (AP Photo/ABC, Fred Watkins) On Sunday April 17, 2011, 2:03 pm WASHINGTON (AP) -- Treasury Secretary Timothy Geithner says Republican leaders have privately assured the Obama administration that Congress will raise the government's borrowing limit in time to prevent an unprecedented default on the nation's debt. But a top Republican quickly pushed back Sunday and said there was no guarantee the GOP would agree to increase the $14.3 trillion debt ceiling without further controls on federal spending. Geithner told ABC's "This Week" and NBC's "Meet the Press" that Republicans told President Barack Obama in a White House meeting last Wednesday that they will go along with a higher limit. "I want to make it perfectly clear that Congress will raise the debt ceiling," Geithner said in the interviews taped Saturday and aired Sunday. He said the leaders told Obama that they couldn't play around with the government's credit rating. "They recognize it, and they told the president that on Wednesday in the White House," Geithner said. But Rep. Paul Ryan, the chairman of the House Budget Committee, said that while it was true nobody wants the country to default, it's essential to address future borrowing at the same time. "We want cuts in spending accompanying a raising of the debt ceiling. And that is what we have been telling the White House," Ryan said on CBS' "Face the Nation." Ryan, R-Wis., wrote the 2012 budget blueprint that the House passed on Friday. The plan for the budget year that begins Oct. 1 cuts $6.2 trillion over the coming decade and transforms Medicare for people under 55. The government is projected to reach its borrowing limit no later than May 16 and risks going into an unprecedented default. Geithner has said he will have a few options he can use that would delay a possible government default until about July 8. The looming credit crunch has heightened the tensions between the administration and Republicans in Congress. A last-minute deal last month between the White House and GOP avoided a government shut down on a budget running through September. But Republicans are seeking additional savings in the budget for next year, and say unless they get them, they won't support raising the debt ceiling. In an interview with The Associated Press on Friday, Obama predicted that Congress would raise the debt ceiling, but he acknowledged that he would have to offer more spending cuts in the budget to get a deal. Later, Obama's spokesman said a debt ceiling vote could not be contingent on upcoming negotiations over the budget. If the debt ceiling is not raised, Obama told the AP that it would undermine the solvency of the government, roil financial markets and potentially "plunge the world economy back into a recession."
I'd like to see this. Even a depression, if that what it takes. Probably the ONLY way Congress will tackle excessive spending. We could survive a "plunge back into a recession". We are NOT going to survive if rampant deficit spending is not curtailed.
I just find it amusing that they think by increasing the debt ceiling that all the economic troubles will one day disappear. The talk about cutting spending is really just talk, if they were so serious to take on the situation they would actually not raise the debt ceiling any further and immediately start to cut everywhere they could.
Interesting video that shows how long it would take them to pay back the trillions of dollars if they immediately stopped spending today and started spending $100 million a day, it would take 389 years to pay off the national debt!!!!! <iframe title="YouTube video player" width="480" height="390" src="http://www.youtube.com/embed/VtVbUmcQSuk" frameborder="0" allowfullscreen></iframe>
Even a depression? ---------------------------- With the most recent Economic Data, Looks like we are in STAGFLATION and it looks to be that way for a while. Talk is for Decades hence the Lost Decades of Japan model.
The economic recovery is all smoke and mirrors then. I don't know about all of you but I'm getting kind of scared. All this news about the US debt is making me want to move to Brazil!