Quote:
Originally Posted by Adak
Wrong - again!
We have had 27 gov't shutdowns, and so far, survived every one of them.
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I'm not talking about a shutdown, I'm talking about a default. We came
close a few years ago and as a result slipped our credit rating. This costs us real money in terms of borrowing costs. Actually defaulting, even for a second, would have consequences. I heard Rand Paul poopoo this, but his arguments were based on the idea that the money would still be there. Anyone paying a credit card could tell him that the money being there does not prevent the rate from getting jacked up if the check is even a day late.
In the financial markets the mantra for the US is 'full faith and credit'. This is the invisible shield that allows us good credit despite our debt - why we are not being treated like Greece. The Republicans, the so-called part of finance, are threatening that.
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