The Congress will not pass a bill to raise the federal debt by
08/02/2011.
As a result, President Obama will execute an executive order to raise the federal debt on 08/02/2011 per terms of the 14th amendment.
Obama will not allow default to happen.
Lew
I added this to a letter to our "leaders": Any responsible citizen must have a budget, stick to that budget or face the fallout... If I live beyond my means (as the government and many people have done) my credit rating will plummet, and rightfully so. To repair it I must pay down my debt, stop borrowing additionally and force myself to live within my means. If I do not, only bankruptcy can "save" me, but I don't believe our Nation has that fallback.
I am disappointed in the members of the Republican Party that abandoned "Cut, Cap and Balance Plan"
As to extending the Ceiling date beyond 2012, why should we... it is unpleasant business to be sure, but let's get it dealt with sooner rather than later.
Salary of the US President ...................$400,000 Salary of retired US Presidents .............$180,000 Salary of House/Senate ........................$174,0?00 Salary of Speaker of the House ..............$223,500 Salary of Majority/Minority Leaders ........ .$193,400 Average Salary of Soldier DEPLOYED IN IRAQ..$38,000
Let the above be put into the Social Security for retirement, and under the VA for medical insurance. And who else in the work force can give themselves raises? I think we found where some of the cuts should be made !
Ben Franklin warned that if we let being a Legislator become a profitable position, we soon would have only profiteers filling the seats... seems like he hit it on the head!