Better poll than mine, I didn't add options for Obama to ignore the debt ceiling or increase it by his own hand.
I can't trust any spending cuts, honestly. Tax increases stay forever until they're overridden by new law, but spending cuts mysteriously vanish in the next year's budget. I'm still wondering where the $500 billion in Medicare cuts from Obamacare vanished to.
I'm in the financial industry, US default would be a major, major thing. Greece hasn't even defaulted, they're just in danger of default, but look what's happened to their currency. Even if we lose the AAA rating on Treasury security without defaulting, there will be a dumping of US securities, devaluation of the currency, and epic misery. I hold out hopes that Washington isn't so dumb as to willfully embrace that scenario, but I may be overestimating their intelligence.
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Date: 25 Jul 2011 15:35 (UTC)I can't trust any spending cuts, honestly. Tax increases stay forever until they're overridden by new law, but spending cuts mysteriously vanish in the next year's budget. I'm still wondering where the $500 billion in Medicare cuts from Obamacare vanished to.
I'm in the financial industry, US default would be a major, major thing. Greece hasn't even defaulted, they're just in danger of default, but look what's happened to their currency. Even if we lose the AAA rating on Treasury security without defaulting, there will be a dumping of US securities, devaluation of the currency, and epic misery. I hold out hopes that Washington isn't so dumb as to willfully embrace that scenario, but I may be overestimating their intelligence.