permaculture

[Marjory <forestgarden@gvtc.com>]

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.*"  
http://news.yahoo.com/s/ap/20110411/ap_on_re_us/us_obama_debt_limit


/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*."  
http://online.wsj.com/article/SB10001424052748704366104576255282893680792.html?mod=WSJ_hp_LEFTTopStories