GOP Leader McConnell Already Threatening To Make The US Default
• Businessinsider.com/This issue of the debt ceiling is a hot, hot, hot topic right now, since newly-emboldened GOP leaders are making noises about not increasing it...
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This issue of the debt ceiling is a hot, hot, hot topic right now, since newly-emboldened GOP leaders are making noises about not increasing it...
The IMF has its Fiscal Monitor for November out and it points to particular countries at the center of global worries in regards to debt and largess.
Transfers have made states dependent on federal assistance. New York, for example, spent in excess of 250% of its tax receipts over the last decade. The largest 15 states by GDP spent on average over 220% of their tax receipts.
Anyway, normally this is a perfunctory issue, but with the debt being such a huge issue right now, this is one to watch. A vote will come some time in 2011. (Editor Note - The Debt Ceiling will come to a vote by March 2011.)
If the Congress does not vote to hike it, the US will basically go into default right away, and that would create all sorts of havoc for the global economy.