The U.S. Senate is reportedly set to vote on a deal to raise the debt ceiling and end the government shutdown. But how damaging would a default really be? How much damage has the crisis done to the U.S. image abroad and what should the two sides be focusing on moving forward?
Zanny Minton-Beddoes, the economics editor of The Economist, will be in New York and answering readers’ questions on these and other issues tomorrow. Please leave your questions in the comments section below.
As global power was shifting from West to East in post-Cold War years, was waging costly Wars the best strategy?
As I expected a true analysis of what the problem is too much for the Thought Police at CNN -they prefer to be dysfunctional and spew propaganda and remove my comments. You are just showing how screwed up we are and who rules the media. If you prefer to dabble in half truths and stupid propaganda – be my guest, your days are numbered. With six lane traffic around Atlanta you guys will have fun when gas skyrockets in price.
All you seem to do is post comments complaining that your opinions are censored. Do you actually write anything constructive or just try to find ways to be offended? Are any of your posts ever actually or censored? Or do you jus say that so you can complain?
What is keeping the Chinese from calling their note due and payable? What would it look like to us?
So, who's the winner, after all this? And what was the price of this impasse? Being the greatest democracy, is there a way to prevent this from happening again?
When it comes to balancing the budget why is the DOD only offering a pittance. The welfare state is in the business of non production and the DOD is in the business of destruction. The TRULY productive private sector, those that actually produce a product necessary for our life, things like food, shelter, clothing, energy can no longer afford the cost of the non productive. It's just gotten too high. I'm beginning to think we'd be better off as a commonwealth nation. Frightening as that is for me to say.
Well put, THORN. If these stupid Tea Partiers in Congress get their way, our needless defense spending will only go up!
For the most part, the MIC and the DOD are untouchable. Despite the current shortfall, now about a trillion dollars annually and even if everyone stopped paying taxes completely, Washington will still borrow the shortfall to fund the MIC and the DOD whether it's needed or not. And the burden of responsibility to pay back all that debt will fall entirely upon you, the taxpayer. Don't you just love your government ?
Well put, RZ. I couldn't have said it better!
Well George, if any good might come from all this, is that it should at least serve as a bit of a wake up call. There are in fact many things wrong with America that are not being allowed to be fixed by what is right with America. (Sorry Bubba). And already, Obama has both sincerely and conveniently addressed a number of points highlighting just how futile, ridculous, damaging, wasteful, etc, etc, all this has been. And although we might agree that there were no winners amongst the clowns in Washington, the tsunsmi of chatter and how fed up everyone is with Washington right now would perhaps suggest that at least the American people and the rest of the world have made a point. And that being Washington's rule over America and the rest of the world has to be reversed, it's America that needs to rule Washington and the rest of the world it needs to listen to.
I would like to know if we do not have money and need to keep borrowing money why does congress shut down the things that we make money from like parks and etc and why do they seem to do things that cost more money trying to make the president bad by the cost of the people?.
Jesus did it
The individual taxpayer - you - provides most of the income for the Federal Government’s budget. That's because income taxes contribute 46%, or $1.383 trillion, toward total FY 2014 revenue receipts. Social Security, Medicare and other payroll taxes (still mostly you) add 34%, or $1.031 trillion. Corporate taxes toss in $333 billion, or 11% toward the total. Excise and estate taxes contribute $105 billion, or 3%.
Given the above figures, and assuming they are reasonably accurate, where do you belive there is the most likelihood for any change that would increase federal revenues and why?
America is the root of all terror. America has invaded sixty countries since world war 2.
In 1953 America overthrow Iran's democratic government Mohammad Mosaddegh and installed a brutal dictator Shah. America helped Shah of Iran to establish secret police and killed thousands of Iranian people.
During Iran-Iraq war evil America supported Suddam Hossain and killed millions of Iranian people. In 1989, America, is the only country ever, shot down Iran's civilian air plane, killing 290 people.
In 2003,America invaded Iraq and killed 1,000,000+ innocent Iraqi people and 4,000,000+ Iraqi people were displaced.
Now America is a failed state with huge debt. Its debt will be 22 trillion by 2015.
Should this instrument of raising the debt ceiling be abolished? It just turns out to a Damocles sword!
please read: the Sword of Damocles, that hangs over the nation's head!
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