New Legislative Body - Super Congress

[Mr Khan]

badgenome said:

richardhutnik said:

badgenome said:
I hope all the assholes who have been crying about the need for bipartisanship are happy. Whenever Republicans and Democrats agree on something it's invariably worse than what either of them could ever dream up by themselves.

At least this, which in no way do I support, will be better than what will happen if they don't raise the debt ceiling.  End result is half the government shuts down, and guess who decides what half operates?  One thing, it isn't going to be anyone elected, or it will end up on Obama's desk.

A nation has to have SOME sort of agreement to a minimum things that will be off the table, and pay for the rest.   What would be better, than on one agree to anything and thing no decisions are made, and then you go into half the government shut down?

The executive branch decides which agencies continue to operate once the debt ceiling is reached, and last I checked Obama was elected, so I don't get your point.

This bullshit is way, way worse than the Department of the Interior shutting down for a few weeks. And actually, I sort of hope a partial shutdown does happen just so all the pants wetters can see that the fucking world doesn't end when the government has to actually live within its means for a little while.

It's not about partial shutdown, nor even about the potential damage of millions of social security recipients going without for a bit. It's about credit ratings and the domino effect. We've sustained such huge deficits because of a high credit rating and the fact that our bonds are still a very good investment.

The venom of partial default will not be about what we can't pay, it'll be the backlash of investor confidence, it'll be the fact that Japan, with very high debt themselves has a lot of their positive balance sheet sunk into U.S. bonds, or China, whose consistent growth has been helping to float the global economy through recent turmoils, who also have a rather large proprotion of holdings in bonds that may suddenly find themselves sharply reduced in value

Imagine the credit-default-swap meltdown, but played out in the treasuries of the largest economies in the world, rather than in the banking sector. I'm not saying this will happen, but this is where the danger really lies here