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In
a series of phone calls, administration officials have told bankers
that the administration will not allow a default to happen even if the
debt cap isn't raised by the August 2 date Treasury Secretary Tim
Geithner says the government will run out of money to pay all its
bills, including obligations to bond holders. Geithner made the rounds
on the Sunday talk shows saying a default is imminent if the debt
ceiling isn't raised, and President Obama issued a similar warning
during a Friday press conference after budget negotiations with House
Republicans broke down. Read
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In fact, what will cause
the ratings services to downgrade U.S. bonds is failure to produce a
budget " that results in $4 trillion in savings, the result of the
massive debt load the country has accumulated in recent years."
Throwing Obamacare off the train will account for $2 Trillion. I
expect Liberals to lie about everything, but when the Republican
Speaker of the House plays along, enough is enough.
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