Debt Ceiling,,,, What happens if Washington defaults?

Debt Ceiling…. What happens if the Washington defaults?
Posted on July 24, 2011 by Debbie Holmes| Leave a comment | Edit

Debbie at the CapitalI am sitting here drinking a cup of coffee, listening to NPR and contemplating what will happen if the US defaults on August 2. What bills will the government not pay? Will the interest on the debt not be paid? Perhaps social security checks will not go out….. What about our military, parks…

My stepmother was thinking it wouldn’t effect her. I told her if something happened to the social security checks 3 of her 6 tenants and one of mine wold not be paying their rents….. I think that brought it home. My brother works as an earth-quake scientist for a company that contracts with the government. He is well respected in his field. Will he have work?

One of my buyers works for the government. Will we be able to close his deal next month?

What will happen to the interest rates and the stock markets? Will the markets falls and rates rise as the USA shows that it is not to big to fail. We have low interest rates because we are considered a safe investment. What would the costs be on the interest on our National debt if we were considered risky? The stock markets (around the world) are already jittery…. would they crash?

As a real estate agent I must contemplate what would happen to housing prices and loan availability? I already mostly sell property that has been foreclosed on….. what would happen if the prices lowered even further in Boise and we were all upside down?

Perhaps you are a Republican, perhaps a Democrat… Perhaps you are an independent…. Maybe you are even in the Tea Party….Think carefully about what the results of Washington’s GRANDSTANDING will be to you….your people…..your clients….How can not raising the debt ceiling be hurtful to our country and our world. I am sure if this happens that our strength as a country and our credibility around the world will be HURT.

Great politicians GRANDSTAND and hold us hostage. THE TIME FOR ACTION IS NOW! Whatever your politics tell your Congressmen that you want the debt ceiling raised now. AMERICA AND OUR WORLD SHOULD NOT BE HELD HOSTAGE while politicians play for power. Perhaps this is not the time to deal with revenues that should be raised or programs that should be cut. We are business people we understand that we need to be responsible for our debts. So does the US government.

I personally believe something will happen iat the last minute but I am sick of this. They did this with budget and now they are doing it with the debt ceiling. Yes if we could come to a great compromise it would be good but at what costs…. Small insignificant tax increases….decreasing entitlements on Grandma’s back….More corporate deductions? Ooops I was trying not to be partisan….

Please President Obama, Vice- President Biden, Senators Read and McConnell, Congressmen Boehner and Pelosi…The leadership and the rest of the 535 members of Congress… Get your act together and do not us fall into another preventable depression!

Email or Call your Congressional delegation and the White House and tell them to pass a debt ceiling NOW!

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The word you're looking for is EXTORTION

"Grandstanding" is much too jolly, and "hostage taking" is too metaphorical (and fraught).

My biggest concern is that after it all shakes out however it's going to shake out, the right wing will conclude that gee, that worked out pretty well for us, what should we go after next?

The problem is that there is no direct penalty to individual practitioners of sabotage, and they believe they can benefit from catastrophe. At some point, I would think the people with the tons of corporate money to fund campaigns would wise up to what a bad deal they're getting out of the minority party's machinations. What's going on is not good for business.