An epic lack of foresight, accuracy and rationale... https://www.tfmetalsreport.com/comment/170246#comment-170246
I've seen or read a bunch of shill pol's and "experts" talking about it this weekend as not a possibility "unless" the President felt a unprecedented event like a default were possible blah blah etc.
Get ready for the most extreme things possible to happen all about the same time. This is like some Twilight Zone episode. If anyone see's Rod Serling smoking a cigarette today anywhere we'll know that's the case.
I would bet if every pol were honest (yeah right) they would want a amendment that relieved them of having to go through this and to just make the debt ceiling being raised a automatic thing tied to some type of offsetting CPI numbers or something that can be numerically stroked for future budget reasons.
Some Democrats in Congress have discussed the idea of claiming presidential authority to continue borrowing without congressional approval based on an interpretation of the Constitution’s 14th Amendment.
“This is a critical test for the American political system,” Geithner said. “It’s a critical test for Congress and for the Republican leaders in Congress, because the eyes of the world are on us.”
The Treasury secretary reiterated his view that Republican leaders understand that the U.S. can’t allow a default.
“If you listen to them carefully, Speaker Boehner, Senator McConnell have said unequivocally that this country will not default, we will meet our obligations,” he said. “The problem is, they have a vocal, loud, frankly irresponsible minority.”
Geithner declined to discuss any possible contingency plans if the debt limit isn’t raised.
“We will do everything we can to mitigate the damage,” Geithner said on the “Fox News Sunday” program. “We do not have the ability, only Congress has the ability, to make sure that people get their payments on time.”
“We write 80 million checks a month,” Geithner said. “There are millions and millions of Americans that depend on those checks coming on time. Not just people that supply our military, but people who get Social Security benefits, Medicare, Medicaid benefits. And we cannot put those payments at risk, and we do not have the ability to limit the damage on them, if Congress fails to act in time.”