2cuteSue Posted July 30, 2011 Member ID: 73 Group: Fallen Members Followers: 0 Topic Count: 111 Topics Per Day: 0.02 Content Count: 907 Content Per Day: 0.17 Reputation: 38 Achievement Points: 5701 Solved Content: 0 Days Won: 0 Joined: 09/02/09 Status: Offline Last Seen: September 18, 2013 Birthday: 08/31/1972 Share Posted July 30, 2011 http://news.yahoo.com/blogs/exclusive/uncle-sam-pay-no-debt-deal-182942805.html By JANE SASSEEN Yahoo! News Come Aug. 3, just who will get paid? That's the new worry coursing throughout Washington as the contentious debt ceiling negotiations hurtle towards Aug. 2, the deadline beyond which President Barack Obama has warned that the government risks running short of money to pay all of its bills. If the government has to choose which of its many obligations to honor and which to delay, who will it pay -- and, more importantly, who will it be forced to cut off? Chinese bondholders? Social Security recipients? Medicaid beneficiaries? Veterans or FBI agents? With the clock ticking, it's no longer a theoretical question. "We are running out of time," the president said in a statement at the White House Friday morning, little more than 12 hours after House Speaker John Boehner (R-Ohio) was forced to call off a vote on his two-stage bill to trim $2.5 trillion from the budget in the face of stiff opposition from conservatives. A vote was rescheduled for Friday evening. If it passes, the bill will move to the Senate, where Democratic leaders are preparing their own rival bil; Congressional leaders and the White House are expected to spend much of the weekend wrangling over the competing proposals. Treasury officials have drawn up emergency plans to prioritize payments if Congress doesn't vote to raise the government's borrowing ability above the current $14.3 trillion level before the maximum is hit. Without a deal, Treasury will have no choice but to start to triage between its many payments. It won't be easy. The federal government makes payments to some 80 million individuals, companies and entities every month. While it takes in roughly a couple of hundred billion dollars every month in revenues, it spends tens of billions more. Some 40% of the current budget is paid with borrowed money. "A de facto shutdown of the government is the real threat, not default, " says Greg Valliere, chief political strategist for the Potomac Research Group. The key question is what date the government will hit the current debt ceiling. That's when it will no longer be able to borrow to make up the difference between revenues and expenditures. That's why Aug. 2 looms as a critical deadline -- a big Social Security payment is due the following day. In mid-July, analysts at Barclays Capital estimated that Treasury would have only $30 billion in cash on hand the morning of Aug. 3 — not enough to pay the $22 billion owed to Social Security recipients plus the additional $10 billion owed to others that day. While higher-than-expected revenues in recent days could give the government a few more days wiggle room beyond that, the trajectory is clear. "Without an agreement, the only question is when, not if, we'll run short of cash," says Jay Powell, a former Treasury official under President George H.W. Bush who has analyzed the issue in a report for the Bipartisan Policy Center, a Washington-based think tank. "There's just no way to pay for everything." The triage could begin as early as Aug. 3. One possibility is that Treasury would simply pay the bills in the order they come in. But most observers believe such a move would be too politically risky; the administration is far more likely to make sure Social Security recipients and other politically-sensitive constituencies get paid. So who would be the winners and who would be the losers? Start with the math: between Aug. 3 and the end of the month, the Treasury will pocket an estimated $172 billion in taxes and other revenues, according to Powell. Over that same time, it has to shell out roughly $307 billion in payments for everything from Social Security and veterans' health care benefits to money for highway construction and federal workers' salaries. House Speaker John Boehner of Ohio, right, and House Majority Whip Kevin McCarthy of Calif., left, listen as House … Given that huge gap, the administration would essentially have to decide who to stiff, at least temporarily. Here's a look at how the choices could play out: INTEREST ON US TREASURY BONDS: One thing on which all analysts agree: Holders of U.S. Treasury bonds, whether they are hedge fund managers in New York, retirees in Florida, or central bankers in China, will have first dibs on the remaining cash. They would get paid before all other creditors. That's the only way the U.S. can avoid a potentially disastrous default on its bonds and a serious downgrading of its credit rating. So the first $29 billion—the estimated interest payments Treasury owes for the month of August--will go straight to bondholders. That would leave Uncle Sam with $143 billion in cash to cover another $278 billion in bills coming due in August. SOCIAL SECURITY: Another point of accord between Democrats and Republicans: no one, but no one, wants to see TV screens fill with interviews of outraged seniors. Nor is anyone foolish enough to want to face the political consequences of cutting them off. So count on Social Security payments to take second priority when it comes to cutting checks. For August, Uncle Sam owes Social Security payments of $49 billion. Draw that down, and Uncle Sam would have only $94 billion left to take care of the remaining $299 billion in expenditures. MEDICARE/MEDICAID: Now throw in Uncle Sam's biggest health care obligations, Medicare and Medicaid. They will account for another $50 billion in August. Some analysts suggest Medicare would be fully funded, while the federal government could try to cut back on the Medicaid payments it owes to the states. But that remains to be seen. If the administration does fund all of those health care obligations, then Uncle Sam would be down to only $44 billion in cash, to divide among the $179 billion needed in August to fund the military, social safety net expenditures such as unemployment insurance and housing aid for the poor—not to mention the entire rest of the federal government. MILITARY SPENDING: Cutting off veterans or soldiers could be just as politically poisonous. However, those costs are relatively small: $2.9 billion each for Veterans Affairs programs and pay for active duty military members. They are likely to be paid. The big expenditure comes in payments to the thousands of defense contractors across the country: Uncle Sam will owe defense contractors some $31.7 billion in the month of August. Many of them could see payments delayed until the crisis is resolved. "Treasury will be able to prioritize within defense," says Daniel Clifton, who oversees policy research for Strategas Research Partners. "They build battleships that take years to complete; can they really argue they need that payment today?" SOCIAL SAFETY NET: Juggling the programs aimed at supporting the unemployed, the poor and the sick will be tough; many could see cuts as the money runs out. Unemployment insurance benefits will cost some $12.8 billion for the month, while food aid for the poor would run to $9.3 billion. Housing aid programs for August would be another $6.7 billion. Grants for tuition and special education would run another $14 billion. Fund all those programs, on top of Social Security, Medicare and interest payments, the BPC's Powell points out, and there would be virtually nothing left for the vast majority of defense spending. The Administration would have to choose: protect the safety net, and much of the military will go unfunded. Pay for defense, and many on the home front will suffer. Moreover, whatever the choices the White House makes to divvy up the dollars between military and social spending, neither leaves much room for funding the rest of the government. Salaries and benefits alone for federal employee would cost another $14.2 billion in August — one reason many could find themselves furloughed if push comes to shove. "There's just no way to avoid the pain," says the BPC's Powell. "If you opt to pay for Social Security, Medicare and a few other priorities, there's no money left over for a Justice Dept, a Defense Dept., an Energy Dept. or most other things." HMMMMMMMMMMMMM?????? 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BudSr Posted July 30, 2011 Member ID: 5 Group: **- Inactive Registered Users Followers: 11 Topic Count: 359 Topics Per Day: 0.07 Content Count: 2475 Content Per Day: 0.46 Reputation: 242 Achievement Points: 16234 Solved Content: 0 Days Won: 1 Joined: 09/01/09 Status: Offline Last Seen: January 25, 2020 Birthday: 02/02/1966 Share Posted July 30, 2011 dude way to much for me to read but fuck i drink Budweiser. LMFAO. you are an IDIOT and always will be. just like me . Link to comment Share on other sites More sharing options...
FunStick Posted July 30, 2011 Member ID: 1100 Group: ***- Inactive Clan Members Followers: 164 Topic Count: 164 Topics Per Day: 0.03 Content Count: 1035 Content Per Day: 0.20 Reputation: 618 Achievement Points: 9247 Solved Content: 0 Days Won: 2 Joined: 02/07/10 Status: Offline Last Seen: February 18 Birthday: 11/30/1980 Device: Windows Share Posted July 30, 2011 I am accepting donations to support our Government. Please send checks, cash, and money orders to Funstick. Link to comment Share on other sites More sharing options... Awards
PimpedOutPete Posted July 30, 2011 Member ID: 174 Group: +++ COD2 Head Admin Followers: 129 Topic Count: 387 Topics Per Day: 0.07 Content Count: 14881 Content Per Day: 2.78 Reputation: 7823 Achievement Points: 91059 Solved Content: 0 Days Won: 52 Joined: 09/02/09 Status: Offline Last Seen: 40 minutes ago Birthday: 04/23/1970 Device: Macintosh Share Posted July 30, 2011 I think America may need to apply for a "payday" loan on Tuesday... Link to comment Share on other sites More sharing options... Awards
Sun Tzu Posted July 30, 2011 Member ID: 542 Group: **- Inactive Registered Users Followers: 5 Topic Count: 311 Topics Per Day: 0.06 Content Count: 1628 Content Per Day: 0.31 Reputation: 29 Achievement Points: 11299 Solved Content: 0 Days Won: 0 Joined: 09/30/09 Status: Offline Last Seen: December 3, 2014 Birthday: 03/01/1975 Share Posted July 30, 2011 PimpedOutPete I think America may need to apply for a "payday" loan on Tuesday... No shit huh LMAO Link to comment Share on other sites More sharing options...
Blackbart Posted July 30, 2011 Member ID: 51 Group: Fallen Members Followers: 51 Topic Count: 342 Topics Per Day: 0.06 Content Count: 5974 Content Per Day: 1.12 Reputation: 3766 Achievement Points: 45818 Solved Content: 0 Days Won: 1 Joined: 09/01/09 Status: Offline Last Seen: October 27, 2021 Birthday: 06/26/1949 Share Posted July 30, 2011 No need for a payday loan here...My wifes Social Security check will be in the bank on the third as will be all the others that are due then...Mine went into the bank last Wednesday... Link to comment Share on other sites More sharing options... Awards
FunStick Posted July 30, 2011 Member ID: 1100 Group: ***- Inactive Clan Members Followers: 164 Topic Count: 164 Topics Per Day: 0.03 Content Count: 1035 Content Per Day: 0.20 Reputation: 618 Achievement Points: 9247 Solved Content: 0 Days Won: 2 Joined: 02/07/10 Status: Offline Last Seen: February 18 Birthday: 11/30/1980 Device: Windows Share Posted July 30, 2011 lol pete Link to comment Share on other sites More sharing options... Awards
RD Posted August 1, 2011 Member ID: 2520 Group: **- Inactive Registered Users Followers: 5 Topic Count: 50 Topics Per Day: 0.01 Content Count: 627 Content Per Day: 0.13 Reputation: 48 Achievement Points: 3748 Solved Content: 0 Days Won: 0 Joined: 05/23/11 Status: Offline Last Seen: January 16, 2018 Birthday: 08/18/1953 Share Posted August 1, 2011 If it dont go thru there will be a waiting line for new Lee Harvey Oswalds Link to comment Share on other sites More sharing options...
hxtr Posted August 1, 2011 Member ID: 220 Group: **- Inactive Registered Users Followers: 147 Topic Count: 595 Topics Per Day: 0.11 Content Count: 16950 Content Per Day: 3.17 Reputation: 13538 Achievement Points: 129713 Solved Content: 0 Days Won: 120 Joined: 09/04/09 Status: Offline Last Seen: October 26, 2023 Birthday: 04/05/1970 Device: Windows Share Posted August 1, 2011 Sun Tzu PimpedOutPete I think America may need to apply for a "payday" loan on Tuesday... No shit huh LMAO I moving to Canada. Pete what is your address. I'm moving in!!!!!!!! Link to comment Share on other sites More sharing options...
GaberialX Posted August 1, 2011 Member ID: 891 Group: **- Inactive Registered Users Followers: 0 Topic Count: 32 Topics Per Day: 0.01 Content Count: 387 Content Per Day: 0.07 Reputation: 1 Achievement Points: 2261 Solved Content: 0 Days Won: 0 Joined: 12/16/09 Status: Offline Last Seen: July 25, 2018 Birthday: 02/27/1980 Share Posted August 1, 2011 Social Security recipients? Medicaid beneficiaries? Veterans or FBI agents... you answered your question right here, he's not gonna piss off china, he can get more money by giving them more land here in the us, fuck u, were not worth shit to him. Link to comment Share on other sites More sharing options...
hxtr Posted August 1, 2011 Member ID: 220 Group: **- Inactive Registered Users Followers: 147 Topic Count: 595 Topics Per Day: 0.11 Content Count: 16950 Content Per Day: 3.17 Reputation: 13538 Achievement Points: 129713 Solved Content: 0 Days Won: 120 Joined: 09/04/09 Status: Offline Last Seen: October 26, 2023 Birthday: 04/05/1970 Device: Windows Share Posted August 1, 2011 FunStick I am accepting donations to support our Government. Please send checks, cash, and money orders to Funstick. hahahahaha can i be the your FEDS??? Lets buy a war! Link to comment Share on other sites More sharing options...
Ferret Posted August 1, 2011 Member ID: 859 Group: **- Inactive Registered Users Followers: 6 Topic Count: 69 Topics Per Day: 0.01 Content Count: 681 Content Per Day: 0.13 Reputation: 10 Achievement Points: 4117 Solved Content: 0 Days Won: 0 Joined: 12/09/09 Status: Offline Last Seen: August 9, 2014 Birthday: 11/04/1968 Share Posted August 1, 2011 Congress will get paid. The White House employees & Cabinet will get paid. Lobbyists will get paid. Czars will get paid. The rest.... may be fekked. Link to comment Share on other sites More sharing options...
hxtr Posted August 1, 2011 Member ID: 220 Group: **- Inactive Registered Users Followers: 147 Topic Count: 595 Topics Per Day: 0.11 Content Count: 16950 Content Per Day: 3.17 Reputation: 13538 Achievement Points: 129713 Solved Content: 0 Days Won: 120 Joined: 09/04/09 Status: Offline Last Seen: October 26, 2023 Birthday: 04/05/1970 Device: Windows Share Posted August 1, 2011 Ferret Congress will get paid. The White House employees & Cabinet will get paid. Lobbyists will get paid. Czars will get paid. The rest.... may be fekked. Well.. at least we have farming to go back to. A safecommunity were we can start all over.. maybe like on Little House on thePrairie. Just image our rivers will be clean.. drinkable. Plenty of wildlife to feed from. Our homes will be inthe wilderness... like in a Reissuance type of way you know community andentertainment and no real doors to lock. Live free but love your brother andsister kind of way. We wont live as long but we will live a long prosperouslife. Our culture will be rid of my types and so many others. Survival will bethe name of this game.. and to tell the truth... I dont think many of us willknow how to play this game called.... Utopia. Link to comment Share on other sites More sharing options...
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