Since America is reaching that day, what do you think will be the consequences? Congress, after all the talks, ended up bickering until this day. Tea party is on the sidelines telling the GOP all or nothing, while the majority of Americans wants some sort of compromise when it comes to the budget. There are people, like McCain, blasting everyone in Congress(and Obama) for their/this insanity.
- Republicans and their binding to Norquest (under no circumstances... raise tax... which also means no closing loopholes because it is apparently raising tax.)
- Boehner kneeling to the tea party.
- Gang of 6(or 5....) policy not making headway.
- Boehner bringing the house to go one way while Reid bringing the Senate to go another. Boehner want his Cut, Cap, and Balance budget to pass with a commitee deciding next year whether to increase the debt again. Reid, on the other hand, will not accept such an outcome. And raising the debt, will have to be up until 2013.
- Tea party saying that we are able to pay and choose what we "really" need when the default actually occurs
- Wall Street losing points
- Credit downgrade looming
Political theater at its finest.
Quite frankly, I am not rooting for the default to occur. But if a default is to occur, it seems there may be far reaching consequences if this were to drag on since the government is already in a state of "backlogging" (Geitner saying he can hold out until Aug. 2.)