Posted on 05/20/2023 7:21:29 AM PDT by ChicagoConservative27
President Biden said at the Group of Seven (G7) summit on Saturday that he believes the United States will avoid a default as the deadline for lawmakers to reach a deal approaches.
Biden said at a press conference in Hiroshima, Japan, that he is “not at all” worried about the ongoing negotiations to raise the debt ceiling before the limit is reached. He said the process goes in stages, and one meeting might not make progress, but subsequent ones do.
(Excerpt) Read more at thehill.com ...
Headline is correct:
The US will not default at G7 summit.
/s
The only thing Biden is worried about is his puddin cup.
He’s right.
There are a zillion levers the Govt can pull to avoid a default.
Default, remember, is a delay in the payment of interest and or principal.
The govt can effectively furlough their entire workforce, stop projects, and grid to a halt. That would leave trillions to pay for P+I.
The treasury can also refi maturing debt with new debt, provided the capital markets aren’t spooked (and they won’t be, because they understand finance).
The REAL question is, what does any side surrender in this kabuki theater? Will Republicans get some lasting return of life, liberty and property? Or will Lucy pull the football again?
I’m voting for the football.
just like the people running Biden’s mouth will never stop the invasion at the southern border, they will never agree to restrict spending in any manner.
They will refuse to the death to honor any convention or tradition.
Destruction and chaos is their only aim.
Nobody epicts that truth more than Zelensky showing up with his men in little green outfits....
Bump!
The entitlements get paid if funding is available until federal law changes.
Debt is sold at auction, so say $20 billion comes due on a certain day.
If the Treasury balance is $1 billion, $19 billion won’t get paid on the maturity date. That constitutes default.
“The govt can effectively furlough their entire workforce”
It has about four million people and about $400 billion annually in payroll costs.
The deficit is far higher - around $1 trillion annually.
The Biden admin HOPES for a short default, so they can (and will) hang the Biden recession on R necks.
T - 1 day of shutdown:
“The Republicans will cause a recession!!!”
Msm will trumpet it. And every day, same message, same chorus:
“The Republican Recession!!!”
R’s are too stupid to prevent the label. They should, of course, be screaming, “Biden Recession!!!!” right now, with one voice, to get it in people’s heads before the dems flip the script. That would innoculate them from the coming blame.
But Romney is head of the RNC. They’re too stupid and scared.
We know Chief-showers-with-daughter will refuse to negotiate, because he is a consistent liar-in-chief. I’ll bet he’s looking forward to it.
In other news… his morning diaper was changed without incident.
“The govt can effectively furlough their entire workforce”
It has about four million people and about $400 billion annually in payroll costs.
The deficit is far higher - around $1 trillion annually.
True, but it would be a good start.
First one on the chopping block ought to be Biden’s paycheck!
Default and bankrupt are two different concepts.
Even if default is avoid for now, Bankruptcy is 100% certain.
Our nation is done.
You read my mind.
The default will happen as soon as Xiden returns from the Summit.
If his masters force our hand, it should just happen now.
Just do it. Get it over with.
Anything else is just more kicking the can down the road.
But my tin hat detects yet another looming false flag waiting in the shadows...
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