Quote:
Originally Posted by Calgaryborn
America isn't going to default on its debt. They have enough money from revenue to cover it. What will happen is partual and full shut downs in the different government departments combined with most government sponsered projects being postponed.
The reason America might lose its credit rating is the unresolved spiraling debt. The Credit agency is calling for 4 trillion in cuts over ten years. They want a realistic plan.
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A partial shut down of the goverment for anything longer than a week or two will lead to utter chaos, at some point in time the feds will have to decide to default rather than, say withdraw all US forces from Korea, Iraq and Afghanistan or shut down medicare with the associated hundreds of thousands of deaths.