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Do you believe there will be economic chaos if legislators do
not agree to raise the debt ceiling?
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THIS WEEK’S QUESTION:
Question of the week: “Do you believe there will be economic chaos if legislators do not agree to raise the debt ceiling?” Yes: 6 No: 6
- Karen Anderson: “No. I think that Obama will use the 14th Amendment to raise the debt ceiling without them.”
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Dave Appling: “I would certainly expect so. Lenders have a strange habit of turning down dead-beats and calling in their loans. Much of the damage is already done, because ideologues have bared their fiscal irresponsibility for all the world ((including bankers and finance ministers) to see. This is no time for brinkmanship, and the majority of voters know it.”
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Bert Berson: “Yes. We will also have the political Olympics. The finger pointing, flip flopping and self righteousness events will be watched very closely. Tea will be served at all of the parties.”
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Bob Chidester: “No. There is more than enough coming into the treasury to pay the interest on the debt and to pay for other essential services such as the military, social services, etc. Why not have the whole bunch of them take a month vacation without pay? That’s what happens in the private sector and these so called ‘public servants’ are the ones who created this problem in the first place. Stop spending money we don’t have.”
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David Cohen: “Yes. Failure to raise the debt ceiling in a clear and meaningful way will impact interest rates we pay on credit cards and mortgages. And because the U.S. dollar is the baseline currency of the world, the consequences could be more devastating than what we have already experienced in the Great Recession.”
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Dennis Kennedy: “Yes! This is not the time to put partisan politics ahead of the best interests of our country.”
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Julian Mancias: “No. But there will be a rise in interest rates and the U.S. credit rating will be downgraded.”
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Henry Miller: “No. Fiscal problems, sure, because of a lower credit rating and higher interest. But chaos? No. Remember the forecasted Y2K disaster? And how Japan’s economy rebounded after the horrendous earthquake? We will also. Now, let’s get our representatives to do what we elected them to do and stop the —-.”
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Jeff Nunes: “No. The reality is that the President would have to make the conscious decision to not pay our interest and he won’t do that. There would be enough coming in to cover the debt payment and other essentials. Any crisis here is largely manufactured.”
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Lisa Pampuch: “Yes. As President Ronald Reagan wrote to Senate Majority Leader Howard Baker during one of the 17 times the debt ceiling was raised during his administration, ‘Denigration of the full faith and credit of the United States would have substantial effects on domestic financial markets and on the value of the dollar in exchange markets.’ Reagan went on to predict that failure to raise the debt ceiling would cause ‘incalculable damage.'”
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Jeff Smith: “No, but if they keep raising it and spending at the current rate then eventually something truly chaotic will likely happen. I think we should NOT raise the debt ceiling, but rather face reality and accept the consequences. It’s best we deal with the problem now, and quit kicking this can down the road hoping that someday it will magically fix itself – because it won’t.”
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Steve Staloch: “Yes. Markets react adversely to uncertainty, but this time it isn’t just political posturing, it’s a validation that we are without effective leadership in Washington. The president, bent on reelection, waited months to promote and defend the deficit plan proposed by his own commission, once again allowing his opponents to define what is becoming a rather ineffective presidency, and congress is more interested in preserving the status quo of special interests than setting policy that preserves the state of the union.”
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