Wednesday, July 27, 2011

What happens if/when we default

Everyone seems to think that before the last stroke of midnight on Aug. 2 there will be some sort of compromise and all will be well. The debt ceiling will be raised. Default and near economic collapse will be averted.

My question is what makes anyone think this is going to happen. Who’s going to get the ruby slippers and the wand to make this happen?

There is less than a week.

In fact CNN and the Post have a clock counting down how long we have for the debt ceiling deadline. Based on what has happened in the past, how does anyone believe some sort of compromise is going to be reached. More to the point is there even enough time for legislation to get passed.

Here we are six days out and there is still no bill from either house of Congress. The House bill now won’t be introduced until Thursday. I’m not sure when Reid will introduce his in the Senate. How is there enough time to get this done? Both sides say the other sides bill is dead on arrival.

So once again my question how does anyone think or expect Congress to make this deadline.

1 comment:

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