The debt ceiling impasse

Democrats and Republicans are now debating whether or not to allow the national debt to be raised in order for the United States of America to pay its bills.

The Democrats want to raise the debt and to save all the president’s national programs.

The Republicans want to put a damper on spending money the national treasury does not have.

Right now, we are apparently heading toward a June 1 deadline when the treasury runs out of money, and the USA stops paying its bills.

Can such a thing happen? Yes it can.

What does it mean if it happens?

Social Security, Medicare, Medicaid, military pay, government employee pay and all government programs that require infusions of cash on a schedule will be halted or temporarily derailed. Many economists claim if the debt is not raised, the result would be catastrophic.

Millions of people not receiving their social security would be certain to cause a revolution of anger to pour onto the streets of America.

Frankly, it is unthinkable such a thing could occur. But it can and it might.

With both parties commanded by leaders who do not lead and followers who don’t know or seem to care about the difference, the disruption the nation running out of money would be is incomprehensible to imagine.

The national economy would trend into a deep recession overnight.

Bondholders around the world would not receive their interest, and the value of bonds would plunge. The nation’s ability to raise money from private industry and the world’s wealthiest would be paralyzed by a failure to extend the debt ceiling.

The United States running out of money and not paying its bills is a bit like the USA going broke.

We urge the Democrats and Republicans to restrain themselves and to do the right thing.

Vote to extend the debt ceiling. Do it with stipulations.

Do not allow a default.

That would be a national disaster.

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