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re: What Actually Happens Oct. 17th
Posted on 10/8/13 at 6:10 pm to BennyAndTheInkJets
Posted on 10/8/13 at 6:10 pm to BennyAndTheInkJets
quote:Thanks Benny.
What Actually Happens Oct. 17th
I've been saying the same thing on the "other board".
Essentially if we hit the Oct17th Debt Ceiling, we've got a suddenly imposed Balanced Budget. Decisions would be hard, but actual default would constitute dereliction.
0
Posted on 10/8/13 at 11:50 pm to BennyAndTheInkJets
So, 1/3 of federal "creditors" don't get paid.
I guess you could rotate the pain -- one month social security recipients are not paid, the next month medicare and student loans, then military and federal contractors. Repeat.
Under bankruptcy laws, 3 creditors can put you into involuntary bankruptcy. Does government work the same way?
And who decides the sequence, the Decider in Chief?
I guess you could rotate the pain -- one month social security recipients are not paid, the next month medicare and student loans, then military and federal contractors. Repeat.
Under bankruptcy laws, 3 creditors can put you into involuntary bankruptcy. Does government work the same way?
And who decides the sequence, the Decider in Chief?
Posted on 10/9/13 at 12:05 am to BennyAndTheInkJets
quote:
During the previous debt ceiling negotiations and rating downgrade, Treasuries rallied.
The U.S. didn't default during the previous debt ceiling negotiation.
Posted on 10/9/13 at 12:07 am to 90proofprofessional
quote:
one debt payment? yeah.
Yes. If the contract says the U.S. has defaulted, its defaulted. The U.S. sent a few checks out late in the 70's and short term rates jumped overnight.
Posted on 10/9/13 at 12:07 am to foshizzle
quote:
Payments are routinely delayed for one reason or another in the normal course of business.
PAYMENTS TO U.S. DEBT HOLDERS ARE NOT.
Posted on 10/9/13 at 6:53 am to matthew25
quote:
Under bankruptcy laws, 3 creditors can put you into involuntary bankruptcy. Does government work the same way?
Are you asking whether 3 creditors could join together and force the entire federal government into an involuntary bankruptcy.
Posted on 10/9/13 at 9:42 am to SpidermanTUba
quote:
The U.S. didn't default during the previous debt ceiling negotiation.
And prioritization would be enacted before the default occurred... not sure what your point is here?
Posted on 10/9/13 at 9:53 am to BennyAndTheInkJets
quote:
rioritization would be enacted before the default occurred... not sure what your point is here?
the exact definition of "default" is doing some work here for Tuba
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