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Posted on 07/25/2011 1:19:49 PM PDT by Hunton Peck
While officials from the Obama Administration raised their rhetoric over the weekend about the possibility of a debt default if the debt ceiling isn't raised, they privately have been telling top executives at major U.S. banks that such an event won’t happen, FOX Business has learned.
In a series of phone calls, administration officials have told bankers that the administration will not allow a default to happen even if the debt cap isn't raised by the August 2 date Treasury Secretary Tim Geithner says the government will run out of money to pay all its bills, including obligations to bond holders. Geithner made the rounds on the Sunday talk shows saying a default is imminent if the debt ceiling isn't raised, and President Obama issued a similar warning during a Friday press conference after budget negotiations with House Republicans broke down.
While the negotiations to craft a budget remain at an impasse, Republicans and Democrats on Monday began crafting their own plans to cut spending that could lead to an agreement to raise the debt ceiling. It's unclear if a broad agreement can be reached any time soon, but even if a deal is struck, a complicating issue for lawmakers and the administration is the possibility of a downgrade to the US debt rating, which would cut the triple-A rating on the nation's debt to a lower level.
Major ratings firms -- namely Standard & Poor's and Moody's -- have said even if the country raises the debt ceiling and doesn't default, there's a strong likelihood that the triple-A bond rating will be cut to double-A unless a budget can be crafted that results in $4 trillion in savings, the result of the massive debt load the country has accumulated in recent years.
(Excerpt) Read more at foxbusiness.com ...
The corrupt Marxist Democrat bastards have been lying to the public all along!! Throw the bums OUT!!
“We’re Not Defaulting”
Whaddya got there, Barry—a mouse?
You can’t keep that mouse, it’s dead.
It ain’t fresh, Barry.
Can I have ketchup on my beans, Moose?
I likes ketchup on my beans!
Mega dittos!!
I think it’s seriously time to impeach the marxist mole prez as well!
That could just about be IT
Major ratings firms — namely Standard & Poor’s and Moody’s — have said even if the country raises the debt ceiling and doesn’t default, there’s a strong likelihood that the triple-A bond rating will be cut to double-A unless a budget can be crafted that results in $4 trillion in savings, the result of the massive debt load the country has accumulated in recent years.
So the deal they are crafting, which does exactly what this snippet says...means our bond rating will be cut.
Raising the debt ceiling
Cuts of significantly less than 4 trillion
This is one story that should have legs. Bluffing and talking down the economy has nothing over this. To be bluffing and talking down the financial credibility of the United States should be considered TREASON.
It's probably not treason, but he was threatening to do deliberate harm to the credit rating of the country, and send it into chaos, over his desire to further indebt the country.
Now we see that he was lying all along.
This is the story that has the dual qualities of being a)simple, and b) utterly revealing of someone who doesn't possess the character to be President.
Oh, and Martha Stewart was sent to jail for a far lesser offense.
Hey Barry, you wanted to be King of America; so now you own the debt and destruction.
Bluffers.
Dear Comrade Jackwagon Obama,
“Revenue” does not mean printing more checks for your rubber ACORN checkbook.
Idiot.
Sincerely,
=LomanBill
It should. Has any other news agency/ media outfit picked up on it?
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