Posted on 05/18/2011 4:08:25 PM PDT by Sub-Driver
W.H. warns of debt 'calamity' By ABBY PHILLIP | 05/18/11 4:12 PM Updated: 05/18/11 4:56 PM
In an effort to clamp down on “misinformation” about the debt ceiling and to ratchet up the pressure on Congress to act, the Obama administration said Wednesday that there is no “Plan B” for the government if Congress fails to raise the borrowing limit.
Unlike the budget standoff in March, where a plan would have gone into place if the government shut down, an administration official warned that there is no “secret plan” that would kick in if the government runs out of borrowing power.
“There is no plan that can preserve our credit rating,” said a senior administration official, who briefed reporters under the condition of anonymity. “There really is no alternative to raising the debt limit. It has to be raised before the deadline ... well in advance of the deadline.”
Adding to their own warning against the risk of default, administration officials cited similar arguments being used by previous Republican administrations: That the consequences of the United States defaulting on debt are as terrible as they are varied. They include “market chaos, financial institution failures, higher interest rates, flight from the dollar, and loss of confidence” in all government obligations, which would produce a “global economic and financial calamity,” they said, quoting from former Reagan chief of staff James Baker in a letter to Congress on the debt limit in 1987.
The heightened pitch of the administration's message on the debt limit reflects a growing concern that a sense of urgency is being lost after the debt ceiling was reached, as expected, on May 16.
(Excerpt) Read more at politico.com ...
Zer0 votes “Present!”. Golf to follow in a few days.
The calamity is infecting the white house and a good portion of our government.
Just what Spooky Dude would likely like.
The coming calamity is irreversible. The administration must attempt to throw the blame at the Republicans...it is their only play.
Fine.... Let’s just end ALL Federal taxes, and fund the government by only selling Treasury Bonds! By the way they talk, you’d almost believe that’s what they are doing now.
The fact that there is no Plan B showcases the utter incompetence of this entire Administration. November 2012 can not come fast enough.
“W.H. warns of debt ‘calamity’”
and his name is Barrack Hussein Obama, umm, umm, umm!
“W.H. warns of debt ‘calamity’”
So why did the “smartest man to ever live” vote against raising the debt limit when he was a senator?
Okay, all together now, “WOLF!!!!!!!”
If an administration cries “Wolf!” 100-200 times, does anybody notice #201? I didn’t think so.
Go talk to the echo chamber nobama.
'Cause it hampered a President who was his political opponent?
That was Bush’s fault.
Boehner should tell them to get one.
“W.H. warns of debt ‘calamity’”
It’s like the fox warning you that your hens are in danger.
“There really is no alternative to raising the debt limit.”
Sure there is. “Hit something hard, I don’t want to limp away from this wreck.”
-Ron White
Then they should be willing to stop adding to the debt
The calamity was the election of a muslim America hating traitor.
Yeah. After it ate 'em all.
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