Democrats warn of US shutdown over debt

[WestVirginiaRebel]

Breitbart:

Senate Democrats warned Thursday of dire economic consequences if Congress fails to raise the US debt ceiling, saying it could prompt a shutdown of the federal government.

"It's playing with fire," said US Senator Chuck Schumer said of the legislative standoff.

If a shutdown were to occur, "citizens couldn't get their checks, veterans couldn't get their benefits, military payments would stop," the veteran New York lawmaker said.

Congress early in 2010 raised the US debt ceiling to nearly $14.3 trillion -- very near the current US debt of some $13.9 trillion dollars.

The government will run out of money in about two months' time, according to the US Treasury Department, unless Congress votes to raise the federal debt ceiling.

But while Democrats, along with most Republicans, agree on the need to avoid having the United States default on its debt, which likely would likely trigger a massive economic meltdown, some conservatives remain firmly against increasing ceiling.

They insist instead of that it is time for massive spending cuts and belt-tightening, and say that raising the debt ceiling further only forestalls needed austerity moves.

Illinois Senator Richard Durbin said a similar curtailment of government services today could "precipitate an economic crisis, driving up interest rates on mortgages, loans, businesses, families across America."

Durbin called it a "political tactic could kill our economic recovery and drive unemployment even higher."
________

Um, isn't that what Democrats have already done, Dick?

[pollyannaish]

Good grief. When I'm not reliving the 70s, I'm reliving the 90s.

[NCJim]

]

Senate Democrats warned Thursday of dire economic consequences if Congress fails to raise the US debt ceiling, saying it could prompt a shutdown of the federal government

 

And the down side is......

[ErnstBlofeld]

]

Senate Democrats warned Thursday of dire economic consequences if Congress fails to raise the US debt ceiling, saying it could prompt a shutdown of the federal government

 

And the down side is......

 

Default on our Treasury debt and the possible lowering of Moody's bond status.

 

http://www.economist.com/blogs/freeexchange/2011/01/americas_debt

[Pepper]

Default on our Treasury debt and the possible lowering of Moody's bond status.

 

http://www.economist.com/blogs/freeexchange/2011/01/americas_debt

 

 

Amen, ErnstBlofeld!

 

And if you think things couldn't get worse ---- wait. NOTE, am not advocating raising debt ceiling.

[Evad]

It's the Old "Shut down the government" threat.

How many times are they going to use that card?

 

"Go Ahead, Make My Day"

[Valin]

It's the Old "Shut down the government" threat.

How many times are they going to use that card?

 

"Go Ahead, Make My Day"

 

13 times after it stops working.

 

With this we see yet one more differences between the two major parties, and (really) between the Left & the Right.

One side says we are not taxed enough...the other says we are spending to much.

 

Which is why I found this whole "New Civility" talk nonsense, like sting together at the SOTU speech meant anything.