PS: factual data on spending and revenue for August if debt ceiling is not raised.

[Darwin333]

You could say same thing about the deficit. If deficit was so high that people were worried we couldn't pay our bills, interest rates would be higher. Yet deficit is top priority for GOP, over jobs.

Except for that damned math....

 

[fskimospy]

So?

Our bonds are sold at auction. The credit rating is meaningless. All that maters is what people are willing to pay for them.

It is unlikely that a change in our rating is going to cause them to sky rocket. Right now they are selling for less than 3% if people were really worried that we were going to default they would be going up already.

This is so insanely wrong and false I don't even know where to start.

'The US credit rating is meaningless'. That statement alone should disqualify you from speaking about any economic issue ever again.

 

[shira]

These numbers are from Karl Rove in the Wall Street Journal. Say what you want about the guy, but I doubt he would lie about the numbers.

This gives us a rough approximation of what happens if we don't raise the debt limit:

So there it is in black and white.

We would have $143 billion to spend for the month of August. (after interest on the debt)

Anyone interested can read the rest of the Rove piece bellow.
http://online.wsj.com/article/SB10001424052702304911104576443863077227784.html?mod=opinion_newsreel

Read you own fvcking quotation, you ignorant troll:

here will, however, be no cash for highway construction, no checks for federal workers or retirees, no agriculture payments, no open national parks. Interest rates are also likely to rise if U.S. debt is downgraded, adding massively to the deficit and further damaging the economy. This would be a disaster with no political winners.