Will Obama Default?

[Whirlaway]

If Congress and WH can't get to a debt ceiling agreement, it will be Obama's decision to continue to make the payments on the debt, or not.

The Federal Government takes in about $200 billion per month in revenue.
The interest payment on the debt is about $30 billion per month; or 15%.

Without raising the debt ceiling, there is plenty of cash flow to service the debt and avoid default.

What will Obama do?

[jhende3]

Sounds like you got yourself a job with the Bachmann campaign. I'm happy for you. You deserve it no one works harder than you.

[Guest050715-1]

Congress is the body that has the authority to raise the debt ceiling. We won't default, but I think the independent thinkers in congress should hold all the big spenders' feet to the fire for real debt and budget reduction.

[wellendowed1911]

Originally Posted by Whirlaway

If Congress and WH can't get to a debt ceiling agreement, it will be Obama's decision to continue to make the payments on the debt, or not.

The Federal Government takes in about $200 billion per month in revenue.
The interest payment on the debt is about $30 billion per month; or 15%.

Without raising the debt ceiling, there is plenty of cash flow to service the debt and avoid default.

What will Obama do?

Whirlaway where do you stand on this issue?
Here's some facts:
A) The tax rate the rich pay are at the lowest EVER in the past 60 years
B) Clinton was able to raise revenue substantially by taxing the Rich and raising their taxes- this is proven
C) The GOP is still believe in the old failed theory of giving tax breaks to the rich in order to appeal to the trickle down economics theory which is no longer working
D) Republicans think that raising taxes on the rich won't generate revenue ( see B)
So Whirl what's your position?

[add197531]

I have never recieved a job from a poor man.

[Guest050715-1]

Yes, but trickle down economics just doesn't work. Giving tax breaks on money invested that employs people or contractors is one thing. But an overall tax break so the rich can invest their money in ventures that don't create jobs shouldn't be allowed.

[CPT Savajo]

Originally Posted by Whirlaway

If Congress and WH can't get to a debt ceiling agreement, it will be Obama's decision to continue to make the payments on the debt, or not.

The Federal Government takes in about $200 billion per month in revenue.
The interest payment on the debt is about $30 billion per month; or 15%.

Without raising the debt ceiling, there is plenty of cash flow to service the debt and avoid default.

What will Obama do?

I don't think it's going to matter what Obama will do or will not do. The debt ceiling will more than likely get raised and we will continue to pay the interest owed to the Federal Reserve and elsewhere for borrowing every dollar thats ever come into existence. This will keep the corrupt system going on into the future (known as the Federal Reserve). Ordinary citizens will have no say so in the matter, it is futile. None, zip, nada. Whirlaway from the figures you've shown it seems as if our Govt is operating in the (Black) which I know is a lie. Do some research and find out how much the Govt is spending each month along with the interest payments owed each month! I'm sure you will see (Red Ink) everywhere! That the Govt is hemorrhaging currency! Do you really think our Govt operates with a budget surplus? Do you really think there will be enough fiat currency to service the debt and avoid default? Sure, once the dollar gets printed into oblivion! C'mon man! You need to go back and crunch the numbers! Stay thirsty my friend!

[jhende3]

Originally Posted by add197531

I have never recieved a job from a poor man.

Yea i love this one! Cut their taxes to zero and maybe they'll give someone a job. Or just maybe with all the extra money they'll have they might hire someone to wipe their ass.

[Munchmasterman]

Originally Posted by wellendowed1911

Whirlaway where do you stand on this issue?
Here's some facts:
A) The tax rate the rich pay are at the lowest EVER in the past 60 years
B) Clinton was able to raise revenue substantially by taxing the Rich and raising their taxes- this is proven
C) The GOP is still believe in the old failed theory of giving tax breaks to the rich in order to appeal to the trickle down economics theory which is no longer working
D) Republicans think that raising taxes on the rich won't generate revenue ( see B)
So Whirl what's your position?

Your facts bore me. If you are merely going to list true things, please include a good conspiracy theory or an alien. Illegal or from space. It doesn't matter as long as they steal social services or come here to birth their children.

Whirlguy: Please answer the man's question.

[CPT Savajo]

With the above figures we can forget about Obamanomics. I've coined a new term, Whirlanomics! If you combine the two it equals Great Depression on an exponential level. No disrespect to anyone but you have to see the humor in that.

Stay thirsty my friends.

[Munchmasterman]

Originally Posted by add197531

I have never recieved a job from a poor man.

I have never gotten a blowjob from a toothless woman.

Neither one of those statements have anything to do with people who have taxable income above $250,000. For each $100,000 above $250,000 they pay an extra $3000.

They have talked you into believing they will create jobs if only they can keep the $6000 from the extra $200,000 (a total of $450,000) they made.

They have you believing an extra $6000 makes them poor.

WAAAAAAAA Poor them

What kind of job comes from $6000?

[Whirlaway]

Wellendowed;

Originally Posted by wellendowed1911

Whirlaway where do you stand on this issue?
Here's some facts:
A) The tax rate the rich pay are at the lowest EVER in the past 60 years
B) Clinton was able to raise revenue substantially by taxing the Rich and raising their taxes- this is proven.. Thru Clinton increased the tax rates and revenue increased, but not because of the tax rate increase, but because part of Clinton's tax increases involved steep increases in gasoline excise taxes, and taxes on Social Security benefits, which accounted for most of the revenue raised in the Clinton tax increase. The portion of tax revenue raised form "taxing the rich" was a small part of the total revenue generated by the Clinton tax increase....And didn't Clinton later apologize in a speech in Houston, admitting he might have raised taxes too high???
C) The GOP is still believe in the old failed theory of giving tax breaks to the rich in order to appeal to the trickle down economics theory which is no longer working
D) Republicans think that raising taxes on the rich won't generate revenue ( see B)
So Whirl what's your position?

I think the whole tax code needs to revamped into a system that favors savings, not consumption which is what we currently have. I liked the Bowles Simpson plan which which changed the structruce of taxation in America and favors a VAT tax, allowing us to to get rid of the IRS and compliance issues. But I think a deal on spending cuts needs to be made independently first, then move on to the revenue side of the equation with structural changes to the tax code....I do not believe in taxing at the corporate level, but at the personal income level. None of this will happen however.

[Munchmasterman]

Whirlaway. Thank you for your response. While I don't agree with all the things you mentioned, you have presented a reasonable position to debate or discuss. Believe it or not, that's why I come to these forums.

[Whirlaway]

Originally Posted by CPT Savajo

Whirlaway from the figures you've shown it seems as if our Govt is operating in the (Black) which I know is a lie. Do some research and find out how much the Govt is spending each month along with the interest payments owed each month! I'm sure you will see (Red Ink) everywhere!

CPT, I agree we operate in red ink, my above numbers don't include the non-interest expenses of the government, so obvioulsy we don't have enough cash flow to pay for everything without borrowing....I just wanted to show that there is enough cash flow to service the debt. Obvioulsy if the ceiling doesn't get increased, somthing will go un paid...that's Obama's call !

[I B Hankering]

Originally Posted by Munchmasterman

What kind of job comes from $6000?

But consider that in a small business, it might be the determining factor on whether the business owner can take on one additional employee. It might mean the difference between offering a job no one will take at $18,000 as compared to offering an attractive job paying above the poverty level at $24,000 - of course, it could also be used to offset the costs for the FICA, SS, insurance, etc., that and employer must pay.