If it is DOA as they claim, then the default is inevitable. This is the bill that the Senate and Obama are going to have to deal with. If there is an agreement and Obama vetoes it, then the government will shut down and all hands will point to Obama.
I frankly don't expect the Congress to have passed any bill before the August 2nd deadline. And i don't think we will have any government shut down until at least mid September.
Everyone is posturing. The democrats, however, are demagoguing everything. They have no plan, they just want to make the Republicans look like villains.
I'm not too optimistic that this country is going to survive this decade.
Germany is "socialist", but at least it isn't stupid about their socialism. They do manage to see fiscal sense on occasion.
America doesn't. America actually believes it can run a 44% deficit per year and continue that indefinitely. Can you indefinitely spend $1000 dollars a week on an income of $600 a week with the remainder put on credit cards?
At the end of just year 1, your credit card debt will be roughly 21,000 dollars.
Every single person I know or have ever met would consider a family budget plan like that to be insanity.