Senate votes to temporarily suspend federal debt limit

[Echo2]

No good can come from this.....feeding frenzy to follow....


Congress gave final approval Thursday to a plan to temporarily suspend the legal limit on the national debt, permitting the Treasury Department to keep borrowing and lifting the threat of a government default until August.

The measure, approved by the Senate 64 to 34, now goes to the White House for President Obama’s signature. Without congressional action, the administration had been warning that the Treasury would run out of money to pay the nation’s bills by early March


http://www.washingtonpost.com/business/economy/senate-votes-to-temporarily-suspend-federal-debt-limit/2013/01/31/256cae78-6bde-11e2-ada0-5ca5fa7ebe79_story.html

[Stormfeather]

Yep, not good at all, wait til the money is all gone, all the other countries pull their gold out of the US, and suddenly the bottom falls out. Going to be interesting, thats for sure.

[bacpacker]

Its just amazing we have so many STUPID people running our country.

[prepguide]

How is that our government can do things that if we did they would put us in federal prison for? Shakes head in disbelief.

[Echo2]

The bad thing is....I try to keep my eyes and ears open for the flashpoints that may send this country into a hard tailspin.....

One would think that this would be one of them....but any more....I don't know.

[Echo2]

Who else is finding it harder and harder to figure out what would be trigger a response from the average American?

I look in horror that they would even think allowing some of the actions in DC......and then they either excuse the behavior....or applaud the action.....WTF!!!

A friend of mine said..."They'll never get enough support to pass any of that gun control legislation".

My response...."Did you think obocare would pass?.....did you think they would re-elect him?.....did you think we'd let the assassination of one of our ambassadors slide?....did you think.....etc?"

The working class is being over run by voters.......how does that happen?

[Grumpy Old Man]

Well what this means is that the dollar's value will be further eroded, causing higher prices for less volume of goods, sort of a 2 part inflation. Stock up on essentials while you still have purchasing power. Do extreme couponing, BOGO sales, volume buying as permitted to stretch your dollar. Garden to cut your food bill and if feasible raise rabbits and chickens ( best food to mass conversion of small animals), as well as learn to can. Truthfully, my 401 K will likely be only 60% of the purchasing power of the money I put in it within a year, so I have to plan for that.

As I've been living out of my pantry for the last couple of months, I'll have to concentrate on replenishing my larder. I'll convert more cash on hand to durable goods. Oh yeah, and play the harmless old guy who just wants to fish card!

[realist]

Now when you think about it, when you suspend the debt limit, then really is no debt, because that means you do not recognize its limits. So with that thought I think I will just call up the IRS and tell them that since they no longer care about their debt then I don't care about their tax bill.................well see who wins this one....