The Return to the Debt Limit Apocolypse Thread

[Warspite]

Instead of minting one trillion-dollar coin, why not mint a trillion dollar coins? #jobcreation

That's a lot of platinum.

Invading Canada and South Africa could secure the needed supplies, but a military campaign and occupation would entail significant cost.

Alternatively, melt down all upper-tier credit cards.

[jimmy olsen]

Instead of minting one trillion-dollar coin, why not mint a trillion dollar coins? #jobcreation

That's a lot of platinum.

Asteroid mining.

[mongers]

Instead of minting one trillion-dollar coin, why not mint a trillion dollar coins? #jobcreation

That's a lot of platinum.

Asteroid mining.

How would paying the Chinese to do that, help the situation.   

[Phillip V]

What is the likelihood that cred-reporting agencies will downgrade US rating?

[Grinning_Colossus]

Last time I seem to recall some of them downgrading us from something like 'A+++ would lend again' to 'A++ would obviously still lend again'... and nothing much happened.

[Phillip V]

Last time I seem to recall some of them downgrading us from something like 'A+++ would lend again' to 'A++ would obviously still lend again'... and nothing much happened.

Only one did a downgrade in 2011 (S&P). But at the time, Europe was supposedly in great crisis.

Will the U.S. still be able to issue debt at low interest rates if the rest of the credit agencies and bond buyers lose faith this year?

[CountDeMoney]

Gotta love the ability to blow up a procedural process on basic governmental accounting into a partisan time bomb.  Yay, America.

[The Minsky Moment]

Yesterday, the Heritage Foundation sent out a morning alert claiming that default is a "red herring":

The U.S. is not going to default on its interest payments, Foster said, and "this assurance rests not on congressional action to raise the debt ceiling, but on the simple fact that the Treasury has far more than enough funds to pay all interest as it comes due."

(the source here is "JD Foster, PhD") 

This is wrong, as pointed out in my OP here.  It ignores the fact that interest payments are very lumpy and there are individual days where interest payment obligations far exceed the government's daily cash inflow.

Unfortunately there are probably some influential people in DC who actually read Heritage stuff and are under the horrible misconception that their "analyses" have some kind of rigor or credibility.

[derspiess]

Gotta love the ability to blow up a procedural process on basic governmental accounting into a partisan time bomb.  Yay, America.

The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. government can't pay its own bills. I therefore intend to oppose the effort to increase America's debt limit.

[mongers]

Yesterday, the Heritage Foundation sent out a morning alert claiming that default is a "red herring":

The U.S. is not going to default on its interest payments, Foster said, and "this assurance rests not on congressional action to raise the debt ceiling, but on the simple fact that the Treasury has far more than enough funds to pay all interest as it comes due."

(the source here is "JD Foster, PhD") 

This is wrong, as pointed out in my OP here.  It ignores the fact that interest payments are very lumpy and there are individual days where interest payment obligations far exceed the government's daily cash inflow.

Unfortunately there are probably some influential people in DC who actually read Heritage stuff and are under the horrible misconception that their "analyses" have some kind of rigor or credibility.

We have that organisation over here. 

edit:
Oops that's the Heritage Lottery Trust/Foundation. 

edit 2:
Then again the UK organisation has somewhat more ethical means of funding.

[Neil]

Instead of minting one trillion-dollar coin, why not mint a trillion dollar coins? #jobcreation

That's a lot of platinum.

Asteroid mining.

  Unlawful.

[The Brain]

No it's quite awful.

[Faeelin]

The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. government can't pay its own bills. I therefore intend to oppose the effort to increase America's debt limit.

So which payments do you want the US to default on?

[DGuller]

Gotta love the ability to blow up a procedural process on basic governmental accounting into a partisan time bomb.  Yay, America.

The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. government can't pay its own bills. I therefore intend to oppose the effort to increase America's debt limit.

Are you trolling us, or are you really that fucking retarded?  Serious question.  For the last few weeks pretty much everything that you post on political subjects matches what the worst dregs of conservative humanity religiously believe and want to indoctrinate others with.

[Valmy]

Gotta love the ability to blow up a procedural process on basic governmental accounting into a partisan time bomb.  Yay, America.

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. government can’t pay its own bills. I therefore intend to oppose the effort to increase America’s debt limit.

Geez after 30+ years of pretty consistent leadership failure on this issue you needed this to get a sign?