[permaculture] Possible US default on debt in mainstream media
forestgarden at gvtc.com
Thu Apr 14 08:54:59 EDT 2011
Default on the debt would be catastrophic of course. And I am sure they
will pass something to prevent it from happening this time. But there
is the problem in June of the Federal Reserve no longer buying
treasuries... Realistically, we are pretty close to the end game. I
think I am going to stock up on chocolate...
/From AP Newswire:/ "The country will reach its debt limit of $14.3
trillion by May 16. If Congress doesn't raise it by then or shortly
thereafter, the government would not be able to make debt payments,
leading to an *unprecedented default of the national debt* and driving
up borrowing costs for the government, U.S. companies and consumers,
*the Treasury Department warns.*"
/From the Wall Street Journal/: "Mr. Plouffe said the president will
name a dollar amount for deficit reduction, although the White House
wouldn't provide specifics. Introducing taxes into the discussion has
the potential to complicate the resolution of coming budget fights,
specifically the need to raise the debt ceiling, *a move needed to
prevent the U.S. defaulting on its debt*."
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