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Will Not Raising the Debt Ceiling Lead to Armageddon?

By: Brad Jackson (Diary)  |  June 1st, 2011 at 10:24 AM  | 

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On today’s edition of Coffee and Markets, Brad Jackson is joined by Pejman Yousefzadeh and Elizabeth Blackney duke it out about whether or not Congress should raise the debt ceiling and what may happen come August 2nd if they don’t.

We’re brought to you as always by BigGovernment and Stephen Clouse and Associates. If you’d like to email us, you can do so at coffee[at]newledger.com. We hope you enjoy the show.

Related Links:

House votes against raising debt ceiling, 318-97
THE HILL POLL: Voters oppose raising the $14.3T debt ceiling
White House Turns to Reagan to Make Point on Debt Ceiling Vote
Explaining the House Debt Ceiling Vote Charade
The Day the United States Defaulted on Treasury Bills

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  • Death_of_the_Donkey

    On or about August 2, the US will default if the debt ceiling is not raised. And please do not play Toomey semantics with the whole “as long as we pay interest we won’t default” crap. For the markets (and the American people) a default is going to occur whenever the government fails to meet its obligations (whether that is to defense contractors, social security, doctors (through medicare), etc). And while I am not sure we would see a “crash” on the 2nd if it looked like a raise was coming soon, the precarious situation the Treasury will be in will likely lead to an escalating decline in market confidence for each day past the 2nd we wait.

  • jeffex11

    If your referring to states that took Obama.(taxpayer bailouts) money to continue to keep private sector employee’s paying union dues…well ..yes ..Armageddon is a appropriate term.

    Because part of the stipulations from the Obama administration was that the states continue at the same spending levels after the bailout money is gone . Necessitating tax increases of course as cost cutting is not in the DNA …

    States like Maryland are learning …putting the latest bill from their legislation …..in state tuition for illegals ….ILLEGALS! on to a voter referendum is in the works.

    Armageddon for the Taxpayer if they don’t wake up and get their state leaders to send to NJ for some Christie DNA

  • mndasher

    One way to prevent default without raising the debt ceiling; Reduce non-defense discretionary spending to zero. The fact is that is the amount it should be permanently.