amy31416
07-29-2011, 11:16 AM
An excerpt:
Prioritizing Payment
The Treasury has in the past said it cannot pick and choose which bills to pay in the event it can’t borrow enough to cover all its obligations, a process members of Congress called “prioritization.”
“This ‘prioritization’ proposal advocates a radical and deeply irresponsible departure from the commitment by presidents of both parties, throughout American history, to honor all of the commitments our nation has made,” Geithner said in a letter to Congress last month.
Deciding which obligations to pay first poses legal and practical challenges, forcing the administration to choose among the Social Security recipients, bondholders and military personnel.
“You’re picking winners and losers,” said Stephen Myrow, managing director and chief operating officer of ACG Analytics in Washington and a former chief of staff to Deputy Treasury Robert M. Kimmitt during the administration of President George W. Bush. “It’s a lose-lose proposition.”
http://www.bloomberg.com/news/2011-07-28/u-s-contingency-plan-gives-bondholders-priority.html
Bondholders have top priority. We know they aren't going to stop paying the military...so who's that leave? Grandma & grandpa. And the liberals are going absolutely apeshit blaming the "baggers."
I'm pretty sure though, that they can't stop social security without overturning a law--which means Congress would have to vote, and that ain't gonna happen.
Quite the soap opera/pro-wrestling theater.
Prioritizing Payment
The Treasury has in the past said it cannot pick and choose which bills to pay in the event it can’t borrow enough to cover all its obligations, a process members of Congress called “prioritization.”
“This ‘prioritization’ proposal advocates a radical and deeply irresponsible departure from the commitment by presidents of both parties, throughout American history, to honor all of the commitments our nation has made,” Geithner said in a letter to Congress last month.
Deciding which obligations to pay first poses legal and practical challenges, forcing the administration to choose among the Social Security recipients, bondholders and military personnel.
“You’re picking winners and losers,” said Stephen Myrow, managing director and chief operating officer of ACG Analytics in Washington and a former chief of staff to Deputy Treasury Robert M. Kimmitt during the administration of President George W. Bush. “It’s a lose-lose proposition.”
http://www.bloomberg.com/news/2011-07-28/u-s-contingency-plan-gives-bondholders-priority.html
Bondholders have top priority. We know they aren't going to stop paying the military...so who's that leave? Grandma & grandpa. And the liberals are going absolutely apeshit blaming the "baggers."
I'm pretty sure though, that they can't stop social security without overturning a law--which means Congress would have to vote, and that ain't gonna happen.
Quite the soap opera/pro-wrestling theater.