The U.S. Treasury has warned that by the continued failure of Congress to increase the debt limit, the United States will slither in the situation no longer be able pay its bills and its debt no longer to serve.
This means a bankruptcy.
Here are some helpful answers to frequently asked questions about the crisis of the debt ceiling:
Parsifal, October 12, 2013
What is the debt ceiling ?
It is a firmly defined but always changeable federal law that a regular political theater and crazy power struggle between Congress and the White House guaranteed every year.
How high is the debt limit right now ?
About the distance between Earth and the Moon, so astronomical.
When the debt ceiling is reached?
Just on Thursday the 17th October at 17:00 Eastern Time when the power bill of the State in the amount of USD 46 billion is due.
What happens if the state declares bankruptcy ?
The United States will lose all credibility and respect in the world, something the U.S. government has always taken for granted.
How will bankruptcy affect the economy ?
Since the U.S. is living beyond its circumstances and lives with ever increasing debt, which financed abroad, the 'American Way of Life' will end.
The Yanks will fall back to the Stone Age hunters and gatherers.
How will bankruptcy affect me ?
Again, typically, always it's all about you, you %#&!*% selfish !
But seriously, who is so stupid and still has money invested in U.S. stocks or government securities, should consider selling them immediately.
The U.S. has already experienced a bankruptcy ?
No, but 1877 it almost came to, when President Rutherford B. Hayes installed the first phone to the White House and an employee for fun ordered 900.000 eggs because Lucy Hayes, wife of the President, introduced the tradition of Easter eggs rolling in the garden of the White House.
What do the Republicans want in return for raising the debt ceiling ?
A reasonable and affordable, private and cost-effective health care system, a return to free enterprise, that the country has made so great, long-term investment in the economy and infrastructure in order to create a prosperous middle class and a return to a constructive political discourse.
In other words, everything that Obama prevented, because of his plans to introduce communism.
How can I explain the crisis of the debt ceiling to my children ?
Perhaps it is better you should not try. Because kids think far too reasonable and the Kindergarten, the politicians in Washington dish up can not be explained.
If the debt limit and shutdown connected ?
Exactly said no, but in an esoteric view of the world all things in the universe are interconnected.
A cherry blossom and an earthworm know nothing about their particular existence, but it is not the falling petals to feed the earthworm and it is not the earthworm enriches the soil, so that the cherry tree can flourish and thrive ?
Perhaps there is more truth in it if you see the entire world as a unit, rather than things would be separated from each other.