Is it possible that the US would default on the National Debt?
The national debt limit is $14.3 trillion, Tthe Secretary of the Treasury states that if the National Debt limit is not increased by Aug.2,2011, the country could default on the debt.President Obama and the Senate has not presented a 2012 budget as of july 1,2011.The House Ryan 2012 Budget has already been passed in the House.
It is mathematically true and it is possible but not probable at least not yet.
I believe the reason is that they keep changing the rules as they have been throughout this so called recession. An open example of a rule change was the bank bailouts.
What enables the rule changes is that there has been no formal budget set by congress since 2010, accounting tricks, and the Federal Reserve.
Geithner, his cronies, and congress are running out of rule change ideas so I expect default to occur sometime in 2012. That is if Europe doesn't collapse in the meantime. But I think the powers that be will prevent that.
The debt limit is a farce and a lie. When Medicare, Social Security, etc., is calculated into the equation with no accounting tricks the debt is really over $110 trillion.
Neither democrat or republican have a desire to solve this problem yet they created it.
July 7/7/11 President Obama meets with members of both parties at the whitehouse to work a deal on the deficit reduction plans of each party.
The senate and the president have not presented a 2012 budget, evidently a distraction for resolving the matter.The House has already passed a 2012 RYAN budget.
AUGUST 2 IS A CRITICAL DATE .
There are many ways for commmunities to save money. I have a number of suggestions here:
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