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Financial markets collapse. Interest rates go up. Dollar devalues and USA bond rating become too risky to invest in. We would go into another recession, worse then the one we still haven't gotten out of.
 

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Deus exsisto laus
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I don't listen to Washington anymore. I'm 48 years old. When I was 18 I was new to the political world. I thought policrats were actually "representatives." Through the years, I have heard it all. They really aren't that creative actually. It's just the same old stuff with a new date on it , spun in the opposite direction. TP
 

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I dont think anything will happen.

There is plenty of money to pay SS, medicare, Military pay and other important stuff. Politicians will just have to prioritize.
This...


In simple terms the US will over night have to live with a balanced budget. Period.

Its retarded to try and say unless we can barrow more money that our military wont get funded.
 

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Cranky Old Guy
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Would force our government to make decisions based on meeting a budget instead of just printing more money.

The system is unsustainable as it is now. Some understand-some don't.
 

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I think we are looking at a collision just before it happens.

If no agreement is reached, then Social Security checks, Medicare and Medicaid will get stopped. Pension benefits get stopped. VA hospitals have their operations curtailed.

The National Parks and the Smithsonian get closed.

Early discharges get processed, reenlistment bonuses stop getting offered some training gets cut or suspended.

A bunch of non law enforcement activities get cut. Fewer services offered at our embassies.

This is a question where both sides believe that they have a lot to lose by cutting a deal. I predict the side that folds is the side that gets the most crap from groups like Wall Street Journal and yes even the lobbyists.
 

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Veritas Aequitas
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1,956 Posts
If no agreement is reached, then Social Security checks, Medicare and Medicaid will get stopped. Pension benefits get stopped. VA hospitals have their operations curtailed.

The National Parks and the Smithsonian get closed.

Early discharges get processed, reenlistment bonuses stop getting offered some training gets cut or suspended.

A bunch of non law enforcement activities get cut. Fewer services offered at our embassies.
Total BS. There is money to cover ALL of it. Yes, we will need to cut the budget by 40% and bills will have to be prioritized, but the major entitlements would not be touched.

Let's start with cutting the Education department, EPA, IRS, shrimp on treadmills, TSA/DHS, Ag department, etc. We wouldn't even have to think about SS and Medicare until all of the other useless crap gets cut.
 

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Total BS. There is money to cover ALL of it. Yes, we will need to cut the budget by 40% and bills will have to be prioritized, but the major entitlements would not be touched.

Let's start with cutting the Education department, EPA, IRS, shrimp on treadmills, TSA/DHS, Ag department, etc. We wouldn't even have to think about SS and Medicare until all of the other useless crap gets cut.
This does not fly. If there were that many easy cuts Republicans would have a field day pointed them out. So far, no field day.

And all those departments you don't like all have outside the beltway constituencies and allies.

There is waste. But in the context of trillions of dollars, not all that much even after you add them up.
 

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Early discharges get processed, reenlistment bonuses stop getting offered some training gets cut or suspended.

QUOTE]

They have been doing all of these things since 2007, after they signed up too many crooks for an endless war.

I got retired 3 years early, no compensation, they took everything with 30 days notice. Canceled all of our cool trainings, and decided to give away a pair of boots for re enlisting.
 

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Watchin tha world go by
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If there is no debt limit increase the administration will still pay bills, however ---
They will fail to pay those that will cause the most pain to "regular folks" (sucklers)
to achieve the maximum discontent, and friction between races.

Look for a lot of Labor protests and violence.

It will be a blame game no matter what the outcome.
 

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Nothing should happen, but with the way Obama has been hyping it who knows. The money is there to pay the bills. Has been pointed out the checks are printed and mailed before Aug 1.
 

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They will come to some decision in the final hour, right now they are jockying for good campaign slogans. Once they figure out who will be getting the votes at the next election, then they will say oh we finally came to an agreement. Of course it will be only short term, bandaid fixes, because neither side wants to make the hard decisions when there is an election coming up. IMHO....
 

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GrowingFromScratch.com
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If I don't utilize the FHA streamline option on my mortgage before August, and they don't get a deal done, am I screwed in regards to interest rates jacking back up?
 

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The debt talks are all a dinner show. They will reach an agreement, they always have. Both sides have too much to lose to have government stop stealing from the rest of us. They just have to make a charade of it, as if it's a hard decision to continue the theft.
 
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