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July 13th, 2011
12:07 AM ET

What if the U.S. reaches debt limit?

CNN's Tom foreman takes a look at the implications of a government default.

RELATED: Taxes, Social Security fears cited in debt ceiling talks

Filed under: Debt • Deficit • Tom Foreman
soundoff (12 Responses)
  1. Larry in Houston

    To Mr. Tom Foreman – I hate to be a bearer of bad tidings, but we aren't going to make it, as a country. We will have to eventually go to another form of currency, and get rid of the "Dollar" Plain & Simple. Doesn't matter who's in office, the 15 Trillion is killing us, until we get somebody that will be able to CUT a Trillion a YEAR, not a Trillion in a 10 or 15 yr span.

    RON PAUL 2012

    December 7, 2011 at 2:21 pm |
  2. Jim Wagner

    In most jobs employees have an evaluation that is based on performance. If you do not perform it is reflected in your rasise. If the two parties cannot get together and decide what is best for the country they are not doing their job. Why doesn't the President say if an agreement cannot be reached by the deadline paychecks will be withheld until an agreement can be finalized. If people who are on Social Security may not get their paycheck the people who are maiking this decision should also be affected.

    July 15, 2011 at 1:55 am |
  3. doris plummer

    i think both parties need to compromise with our president / raise the debt ceiling/ then work on getting a surplus like clinton did / tax those rich with all the loop holes/ maybe they should stop their paychecks for a few months like they want to do ours/ middle class and lower class/ maybe then they would work with a president that is trying very hard from day one to do right by the people/ stand with the president / do their job/ he can do several things at a time they cannot do one /he did not put us in this mess/ we have 9 percent out of work / we still have 91percent working/if more people lose jobs / they need to look at themselves

    July 14, 2011 at 2:41 pm |
  4. 228rory

    WOW! you are delusional.

    July 14, 2011 at 12:13 pm |
  5. Karl Ritz

    Jack, we don't have the European Union to "bail " us out.If we don't raise the debt we might just slip in the "Grease" and fall down along with the US dollar....Raleigh, NC

    July 13, 2011 at 6:06 pm |
  6. Gary

    Tell the politicians to cut there pay to help the debt. Have them all go on the same as all of us. Pay for there own medical,and pay into Social Security. Stop living off all us Americans that pay taxes. Stop giving illegals medical treatment for free.

    July 13, 2011 at 4:28 pm |
  7. Rich

    Well that has never happened in the history of the United States because the congress just raises the debt limit to match what it intends to spend. The problem is our fiscally irresponsible congress for the last 20 or so years spending more each year then they take in from taxes. Each American is expected to live within their means but our congress does not understand the concept. Why? Because it is not their money. They come up with more reasons that require more money time after time instead of being responsible and having political courage to just say "NO!!"

    In America the president sets the agenda but the congress controls the purse strings. Both parties are guilty of wasteful spending and no party is exempt from fiscal irresponsibility. We are paying a tremendous amount of money in just interest on the debt we owe. That does not reduce the debt the debt is constantly rising. America needs to get out of the middle east get our people back home where we belong and stop propping up other countries while our own crumbles around us.

    July 13, 2011 at 4:01 pm |
  8. Pat

    Did congress require spending cuts to increase the debt ceiling during the Bush administration? It did not. Bush cut taxes for everyone but especially for the wealthy so that cut revenue. Bush got us involved in two expensive wars and there was little said about the deficit except by Cheney who stated "deficits don't matter". When Bush left office, he left us with a mess to clean up. Now Republicans think they can step in there and fix the mess by dissing our President and ignoring their own culpability in causing the problem in the first place. This president was elected by the majority of Americans and those in congress are expected to work with this president to find intelligent solutions to the mess made by the previous Republican administration. Instead of refusing to compromise or consider tax reform Republicans need to have a little humility about what their party did to cause this and commit to working together with the Democratic administration and their Democratic colleagues to fix it. Senator Blunt's office e-mailed me that we need to do something about out of control spending by this administration but said nothing about the out of control spending during the Bush years that got us here. I am tired of all the rhetoric and I think most Americans can see through it to the real problems and how the deficit got to this point. The politicians need to shut up and get to work and do it now.

    July 13, 2011 at 1:33 pm |
  9. Barb Craft

    First cost cutting measure that should be proposed: Stop paying all members of Congress. Then take away their government paid healthcare and retirement and they should all go on Medicare and Social Security. I'll bet they will all change their minds about eliminating Medicare and cutting Social Security.
    At the age of 69 and a person that depends on Social Security, please stop referring to this as an entitlement. I paid in to this system all of my working life, this is not a free ride. And for those that are not on Medicare, we who are pay a premium of $98 every month that is held out of the SS payment. Plus have to have pay for additional insurance or go on a Medicare replacement plan that costs me $160 a month. Again, not a free ride.
    Someone needs to ask in one of your interviews why no one talks about this side of these so called entitlements.

    July 13, 2011 at 10:16 am |
  10. Kim Waggoner

    Hey Jack, love your commentary's! I question, since Obama want's to "scare" all of our people on SS, disability, checks about not getting there checks August 3rd, will our Congress and President be paid? Because if they are, this just show how "out of touch" they REALLY are.

    July 13, 2011 at 9:23 am |
  11. Maureen Rice

    I think I have a great solution to the debt limit talks. Tell all the politicians in Washington, at least the Republicans, that if Social Security checks do not go out, the politicians are not getting their paychecks either. That just might spur them all on to raise the debt ceiling. I realize most of them are millionaires, so they would not feel the pain that seniors who won't be able to pay rent or buy food will feel, but most people with money don't like to lose a penny. Better yet, bring them all up on embezzlement charges, including the people from past administrations and put them behind bars for years. We, the common people have PAID into Social Security for decades, Social Security should not even be on the table!!

    July 13, 2011 at 7:04 am |
  12. Andy

    If Washington does not resolve the Debt Ceiling issue, the soluton is obviously simple. Each month,s expense shortage is paid from Washington, via IOU's written against all of Washington's Salaries, Healthcare plans and Retirement, until they solve the problem. They created this mess and they have no problem writing IOU's against our Social Security. The problem will be solved quicker than you can say "DONE".

    July 13, 2011 at 6:47 am |

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