"Possibility is it true." It is true.
Nice chart from Goldman Sachs that breaks down expenses and revenue for August if the debt limit is not raised. link: http://blogs.reuters.com/james-pethokoukis/2011/07/12/the-issue-isnt-default-but-government-shutdown/ Or ED SCHULTZ, HOST: And Senator, what was your response to the President when he told a, an anchor in an interview he couldnt guarantee that the checks would be there on April 3rd [sic], that he couldnt guarantee that the Social Security checks would, would hit peoples bank accounts if we dont take action? Whats your response to that? True or false? SENATOR BERNIE SANDERS (I-VERMONT): Well, there are differences of opinion about that. There are some who would argue, and I tend to agree, that given the fact that Social Security has a $2.6 trillion surplus, then you can figure out a way you must make sure that seniors and disabled vets get their checks. SCHULTZ: So you would take issue with the President on that statement, that he may have been fear-mongering in essence? SANDERS: What he is saying is, look, theres not enough money here to pay our debts. Thats true. I think, in fact, we can pay Social Security. or As reported by the Weekly Standard Friday: The BPC study found that the United States is likely to hit the debt limit sometime between August 2 and August 9. Its a 44 percent overnight cut in federal spending if Congress hits the debt limit, [Jay Powell of the Bipartisan Policy Center]said. The BPC study projects there will be $172 billion in federal revenues in August and $307 billion in authorized expenditures. That means there's enough money to pay for, say, interest on the debt ($29 billion), Social Security ($49.2 billion), Medicare and Medicaid ($50 billion), active duty troop pay ($2.9 billion), veterans affairs programs ($2.9 billion). That leaves about $39 billion to fund other things. So, there is enough money to pay SS if they chose to. Or they could choose to pay another obligation. With no limit increase and no cuts, there will not be enough to pay everything. The debt limit debate is getting more intense. Apparently, Obama got mad yesterday so he took his toys and left: Angry Obama storms out of debt-ceiling negotiations: http://hotair.com/archives/2011/07/13/oh-my-angry-obama-storms-out-of-debt-ceiling-negotiations/ J - It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. - He ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:340376 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
