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I have zero confidence in our government doing anything that will matter come August 2nd.
So my question is what happens after default?
So my question is what happens after default?
there wont be a default. dont worry.
That will happen before Washington puts politics aside to do something.
Washington always ends up doing what they're supposed to do at the last minute in order to avoid a disaster. Neither party can let the country default because they'd both be blamed.
So ultimately, you think they'll raise the debt ceiling? Or do something else? (can't think what else there is to do to avoid defaulting, but I'm no expert)
My guess is that there will be a temporary deal. The debt ceiling will be raised, there will be some spending cuts, and there won't be any tax increases in any way, shape, or form. However, the cuts will be small, and there will be no additional revenue, so odds are the debt ceiling would have to be raised after a few weeks or a few months and we'll be right back into the same debate.
I hope I'm wrong, because by the time a second deal would have to be made, the Republican primaries and, by extension, the 2012 election will be well underway. If you think it's overly political now, just you wait.
What we really need is a comprehensive plan that tackles long term spending and ensures that we have adequate revenue (i.e. taxes) for the government to function. That way, we can start reducing the debt and deficit, which will NOT happen without tax increases.
So raising taxes is the only way to fix your economic troubles, and the idea of downsizing government is useless/not enough? Playing a little devil's advocate here, I think your taxes should indeed be raised, if only because I'm jealous that they're lower then ours.
It is when you have massive defense companies with powerful friends.
I'm not one of those conspiracy nutters but it makes you think.
Your defense budget is mental.
because Russia's not stupid and they're really just pathetic shells of their former selves.