S&P Downgrades Outlook on National Debt

By U.S. News Staff

April 18, 2011 RSS Feed Print
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But a top Republican quickly pushed back and said there was no guarantee the GOP would agree to increase the $14.3 trillion debt ceiling without further controls on federal spending.

Geithner has said that the government will hit its current limit no later than May 16. But Geithner said it will be able to avoid an unprecedented default on the national debt through various accounting maneuvers for possibly another two months.

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Tags:
Congress,
Republican Party,
deficit and national debt,
2012 presidential election

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The government is addicted to spending. The only hope is for our rating to be cut to the point that we can't borrow, only then will the government do anything besides push it off to the next administration or next congress...

Only bad thing is the idiot in the white house seems to believe that tax increases are the answer... moron doesn't realize that tax increase only drive people to leave the country to operate under the table.

Grampa Moses of MA 3:52PM April 18, 2011

If you are a rich American who wants to keep that wealth and status...I'd be moving my money and residence to Brazil for the next 20-30 years. They are the closest to USA lifestyle that is stable and more or less self-sufficient against world economy. Nice no extradition policy too for when USA tries to force US citizens and money home in last economic gasp.

Not entirely sure that you won't need to drop US citizenship though to evade all the various nations seeking payment on US debts. If you keep your wealth you will probably be able to BUY a US Visa whenever you feel like visiting.

Unfortunately every other Western style government or friendly dictatorship is in some way tied to US fortunes and has some outstanding issues of its own. The EU will definitely collapse as will most Commonwealth countries.

You would think Canada the sole exception but I assume it will experience a US illegal invasion to shame the Mexican flow into US. I actually assume shooting ROE before the Canadian forces collapse. Even 1-2 million US refugees into Canada economy would totally overwhelm its economy due to dilution of its small population and job market.

Selfish of TX 3:47PM April 18, 2011

Republicans just do not understand.

Grassroots Democrats view an economic crash as an economic and political equalizer for the common citizen -- a peaceful and irresistable revolutionary force in reshape American society -- a Good and desirable event.

Obama is on track to deliver the economic equality for which Democrats elected him. The majority poor do NOT feel that an economic crash will hurt them any more than the widening economic gap already has.

In the meantime there is NO reason not to throw a futuristic party. Even Republicans will admit that cheap new Green energy might be good thing to have locally when rebuilding new economy after the USA nationalizes all major foreign investments. Renewable and industry building makes sense when you realize physical plants cannot be repossessed. The USA will lose all foreign industrial plans bu keep any new stuff built in USA.

Illegals would also benefit as a raw new economy would put the emphasis back on work ethic rather than political status.

Observer of TX 3:29PM April 18, 2011

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