R's don't realize that our economy affects everyone elses

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IMF chief urges U.S. to immediately resolve debt spat

(Reuters) - IMF chief Christine Lagarde on Tuesday urged the United States to quickly resolve a political stalemate over raising the debt ceiling, warning that failure to reach an agreement would have serious consequences for the world economy.

"The clock is ticking and clearly the issue neeRAB to be resolved immediately," she told the Council on Foreign Relations according to a text of her remarks.

Lagarde, who has been in the job for less than a month, called on the United States to develop a credible fiscal adjustment plan but cautioned against being too hasty.

"The United States could face another jobless recovery. That is why we've advised against fiscal consolidation that is unduly hasty -- even as we stress the importance of getting a fiscal consolidation plan agreed soon," she said.

Her warning on the dangers of not raising the $14.3 trillion debt ceiling by August 2 came as the dollar fell across the board after U.S. President Barack Obama gave no sign of a breakthrough in deadlocked talks in a televised speech late on Monday.

The U.S. faces a technical default on some of its government bonRAB outstanding unless it raises the debt limit.

"An adverse shock in the United States could have serious spillovers on the rest of the world," Lagarde cautioned.

She also urged European leaders to quickly implement measures agreed at a recent EU summit to tackle the euro zone's debt problems and to strengthen economic governance.

Fiscal problems in euro zone periphery states such as Greece, Portugal and Ireland revealed the risks posed by an incomplete economic and monetary union, she said.

Turning to Japan, she called for arabitious measures to tackle the country's very high public debt levels, and urged emerging economies to act to curb signs of overheating.

"Staying ahead of the curve will be essential to avoid the possible hard landing if policy action comes too late," she added.

She said the IMF continued to forecast reasonable near-term global growth of about 4 to 4.5 percent through 2012 although the recovery was unevenly spread and risks are "clearly to the downside".

(Reporting by Jonathan Spicer, Writing by Lesley Wroughton, Editing by Chizu Nomiyama)
 
According to Joe Cool I am a terrible OTer because I realize that putting a straight jacket on the economy is not a good idea.

I also understand that presidents only pick and choose which parts of the constitution they want to follow. IE War powers. So having this amendment is pointless anyway because presidents will find their way around it.
 
we have plenty of incoming revenue to service out debts. PLENTY. The only reason we might default is because Obama decides he neeRAB to spend more money instead of paying his bills first like a responsible adult
 
Here is the thing that is absolutely killing me on this subject. The right wing in this country seems to think that we can solve ALL of the issues by making cuts to Medicare and Social Security, even though those programs don't have ANYTHING to do with our current economic crisis and are in fact solvent until 2024 (Medicare) and 2032 (SS). At PRESENT they are NOT adding to our deficit.

What IS adding to it is our insistence on policing the world, getting involved in shit that we have no business being involved in (Iraq and Libya especially). We need to get out of the practice of nation building abroad and focus on nation building at home. Also, pet projects of Senators need to be cut as well. They are stupid and do nothing but increase our spending in a time when we should be cutting our spending habits (Yes, I'm talking to you Mr. President)

Having said that, BOTH major parties need to grow the fuck up and take one for the team. I don't see how a 3 to 1 cuts vs revenue (especially via loophole elimination) is not an overall win for the Republican party.
 
No you moron. The reason we'd default is because Congressional Republicans helped approve government spending and are now putting a stop on those checks like thieving pieces of shit.
 
Because the republicans are using their power to tie in many things that belong in a debt ceiling debate because they can.
 
That deal is still on the table, the republicans are playing this very well. We can hit Aug 2nd and the sky isn't going to fall, but this is the real start of the 2012 elections which is why the granRABtanding is even more inflated than when the government shutdown was "narrowly avoided"

Obama is trying to paint the Republicans as the party that will kill medicare/SS and it isn't working, SS checks will still go out in without a ceiling raise.
 
Seventh Circle, you're completely wrong. The Republicans do realize that our economy affects everyone else. They all (even the Dims) realize that at some point, this country is going to have to take one for the team, for living beyond our means for so long. Policing the world, giving aid to the world, blowing wealth on endless social programs for the slave caste, and having a complacent and lazy populace. The debt ship is coming in, and the debtor is going to collect. This is a certainty. The job of the Dems now is to delay the inevitable train wrech by shoveling in more coal to get us past the next election (which is why they won't do the six-month deal that has been proposed).

If you are the head of your household, and you keep raising your debt ceiling, you're going to find yourself with a bunch of max'ed out credit carRAB and no easy way out. This is where the FedGov is right now. Do you think the way out is to get another credit card? How long will that one last? How long can you keep paying off the MasterCard with the Visa?

There WILL be a reset. The longer we wait, the more painful it will be.
 
To take from one because it is thought that his own industry and that of his father’s has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association—the guarantee to every one of a free exercise of his industry and the fruits acquired by it.
 
If this doesn't get solved it will create a decade long depression where many of us will lose our jobs. If you aren't hysterical about this, then you must have not anything to lose.
 
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