Anybody else worried about the US defaulting this week?

I am a Libertarian so I disagree with both sides. They are essentially the same to me. They just use different talking points to achieve the same goal. *shrug*

look at longer dated bonds and Tbills... the system is hemorrhaging profusely... TPTB know this and are taking steps to protect themselves from the inevitable war that is coming

sorry about being such a doomsayer....but I follow the markets daily and its not looking good

Don't get me wrong. I agree 100% they need to control spending and actually start paying off the debt. Default wouldn't be the way to go about it. It will affect the world economy, not just ours in the states.

I didn't know Obamacare would bust the (pre-agreed) spending caps. Is that what the real issue is?

I didn't know Obamacare would bust the (pre-agreed) spending caps. Is that what the real issue is?

Not really. The debt ceiling was being approached anyway. We were already in a deficit anyway. It is mostly just political posturing.

One wonders how the Founding Fathers would view the whole thing.

Thomas Jefferson (author of the Declaration of Independence and the3rd President of the U.S.) and James Madison (principal architect of the Constitution and 4th President of the U.S.) authored a series of state laws commonly called The Kentucky and Virginia Resolutions, passed by the legislatures in those states. These resolutions declared that certain federal government laws were null and void, and could not be enforced in those states. In other words, the states of Kentucky and Virginia shut down the federal government activities in their states.

When Jefferson became president in 1801 and Madison became Secretary of State, they refused to honor last-minute appointments made by John Adams. This led to the famous court case Marbury vs Madison in which Marbury claimed that Madison, as Secretary of State, effectively shut down the Department of State in order to avoid doing the things that he was legally required to do.

Sam Adams was a rabble rouser who was known to terrorize the local government officials in and around Boston before the American Revolution. His most notable actions involved getting people drunk at his bar and then rousing them to go tear down the houses of government officials. Eventually, most government officials resigned or fled, and the government was shut down in the Boston area for extended periods of time.

Shut down the government? Those guys seemed to think it was a good idea. They even threw (dare I say it) a Tea Party to prevent the government from collecting taxes on tea!

It is the GOP's fault. They are holding the government hostage because they want to defund Obamacare. They need to accept that it is a law and move on. This isn't how you change a law you don't agree with. They need to win elections then change it. I can't believe people actually believe this is in any way the Democrats' fault.

Tea Party ringleader admits the GOP shut down the government for nothing. :http://www.dailykos.com/story/2013/10/16/1247832/-Tea-party-ringleader-admits-the-GOP-shut-down-the-government-for-nothing?detail=facebook#

Obama ran on healthcare reform. He won the election for President twice! The American people have spoken, we want affordable healthcare, and he gave it to us. The GOP needs to get over it.

Not really.

http://xfinity.comcast.net/articles/news-general/20131016/US--Budget.Battle/?fb_action_ids=10200853639692423&fb_action_types=og.recommends&fb_source=other_multiline&action_object_map={"10200853639692423":744859748864449}&action_type_map={"10200853639692423":"og.recommends"}&action_ref_map=[]

not at all.

I love how the GOP is like "constitution or death!!!" until it they dont like something. ha ha ha. what a joke.

Both sides do it. They are just one party with two personalities.

.

Honestly my biggest concern about this is just how much is this going to piss off the Chinese?

I hate the GOP and the Democrats equally. That being said, the House (from where all spending bills are constitutionally required to originate) passed a bill to fund EVERYTHING in the government EXCEPT Obamacare. The Democrats rejected it. As such, the Democrats shut down the government. If you say otherwise, you are unaware of the facts, ignoring the facts, or straight up dishonest.

The further debate becomes the issue of legislation by appropriation. Which is how the Republicans are attempting to use this issue to shut down Obamacare. But that is an argument for another thread. And one that won't be seen on this board, as even this thread will be locked soon.

That's like saying it's my fault my house burned down if someone says "If you don't let me shoot your kid I'm going to burn down your house." and I refuse to let them murder my kids.

maybe im naive but i dont feel fearful. We've had a few scary financial crisis but seem to have pulled out from them. I know nothing about Argentina, but I do know there is much invested in the states. Despite what naysayers will tell you.

Obama ran on healthcare reform. He won the election for President twice! The American people have spoken, we want affordable healthcare, and he gave it to us. The GOP needs to get over it.

The people in the house won their elections also, the American people spoke there too. If you think this gives anyone affordable healthcare, you are crazy. It may help low income people that are already on the government dole, but it is robbing the money from other hard working people.The cost and saving promised have all been missed by a wide amount. I say fund it to the level they said it would need and not a dime more. It will fail on it's own. I think the shutdown was not the route to take to accomplish their goal and in the end, they got nothing they wanted, but dont make it seem like it is all the GOP's fault. The Liberals idea of negotiating is for the right to give them their way. We need an actual budget that gets this ridiculous spending under control. George Bush spent way to much money, but those bills all started in the House with Nancy Pelosi as speaker. Obama voted against raising the debt limit and argued Bush should be impeached. Now all of a sudden, it's ok. Liberals are all hypocrites!! They need to go through line by line and take out all the waste, reform "entitlements". My fear is we just go through this again in a few months.

Let's start with the real money eater - the bloated military budget and all those big spending contractors who are taking the American taxpayers to the cleaners. cut the military budget by 30%, we will then be able to balance the budget and bring down our deficit. I guess people on here forgot when **** Cheney said that: deficits do not matter. People we are paying for the two wars that Bush got us into and also for the Bush tax cuts that the country could not afford. We are borrowing money from China and the rest of the world to finance a lifestyle and a military that is outside of our reach. The day of reckoning is around corner, we haven't seen anything yet.

both! but only the republicans are guilty of stating their determination to shutdown our gov't on public record for over 3 years now. they knew what they were doing with no intention of compromising for the sake of the citizens or country.

Now that's funny. It's only the Republicans that wont compromise? really? If you honestly believe that, our country is more trouble than I already fear.

The government shut down because of the Republicans, in particular, the tea party. You can argue all you want, but that's a fact. I've watched several news programs throughout the day and read several newspapers and read a few online news sites, and all of them said that. And even the majority of the republicans interviewed for these news reports admitted it was their fault. You are in the minority and so is the tea party. Get over it. This shut down cost us 23 billion dollars and led to thousands of furloughed workers to turn to food pantries and welfare to keep food on the table. All because a minority disagree with the Affordable Health Care law, which, by the way, I again remind you, the majority of American people support. The republicans have tried something like 40 times to repeal the law and continually failed, costing millions of dollars. Its ridiculous and it's time to move on and accept it.

Obama ran on healthcare reform. He won the election for President twice! The American people have spoken, we want affordable healthcare, and he gave it to us. The GOP needs to get over it.

The people in the house won their elections also, the American people spoke there too. If you think this gives anyone affordable healthcare, you are crazy. It may help low income people that are already on the government dole, but it is robbing the money from other hard working people.The cost and saving promised have all been missed by a wide amount. I say fund it to the level they said it would need and not a dime more. It will fail on it's own. I think the shutdown was not the route to take to accomplish their goal and in the end, they got nothing they wanted, but dont make it seem like it is all the GOP's fault. The Liberals idea of negotiating is for the right to give them their way. We need an actual budget that gets this ridiculous spending under control. George Bush spent way to much money, but those bills all started in the House with Nancy Pelosi as speaker. Obama voted against raising the debt limit and argued Bush should be impeached. Now all of a sudden, it's ok. Liberals are all hypocrites!! They need to go through line by line and take out all the waste, reform "entitlements". My fear is we just go through this again in a few months.

Let's start with the real money eater - the bloated military budget and all those big spending contractors who are taking the American taxpayers to the cleaners. cut the military budget by 30%, we will then be able to balance the budget and bring down our deficit. I guess people on here forgot when **** Cheney said that: deficits do not matter. People we are paying for the two wars that Bush got us into and also for the Bush tax cuts that the country could not afford. We are borrowing money from China and the rest of the world to finance a lifestyle and a military that is outside of our reach. The day of reckoning is around corner, we haven't seen anything yet.

The military budget is around 700b. Cutting it by 30% would mean cutting around 210b. The deficit is what...1.1T? A start, yes, but doesnt balance the budget by itself. So please stop throwing out meaningless numbers.