I may be jumping the gun, but the next debate over the debt ceiling issue might very well be the trigger globalists will use to initiate a final burn of the U.S. economy. Ratings agencies are waiting in the wings to see if Congress kicks the can down the road yet again. If they do, and raise the debt ceiling without demanding legitimate cuts in government spending, there will likely be another credit downgrade of the United States. This will result in much higher borrowing costs and less sales of treasury bonds, leading to a devaluation of the dollar and future high inflation in the cost of goods. If they do not allow an increase in the debt ceiling, a technical default will take place. Either way, there are severe consequences coming after the decision is made…
Brandon Smith, Associate Editor
President Barack Obama on Monday rejected any negotiation with Republicans over the most pressing U.S. fiscal issue, refusing to trade cuts in government spending in exchange for raising the borrowing limit.
“If the goal is to make sure that we are being responsible about our debt and our deficit – if that’s the conversation we’re having, I’m happy to have that conversation,” Obama said. “What I will not do is to have that negotiation with a gun at the head of the American people,” he told a news conference.
Republican leaders quickly reiterated their demand that increasing the debt limit must be accompanied by spending cuts.
With an agreement to prevent the so-called fiscal cliff of sharp spending cuts and tax increases barely two weeks old, Obama faces another fiscal showdown with congressional Republicans.
A trio of deadlines looms around the end of February: the need to raise the debt ceiling, automatic deep spending cuts temporarily put off in the fiscal cliff deal, and the end of a stopgap government funding measure.
The United States could default on its debt if the borrowing limit is not increased.
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