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**tooratrack** · 07-15-2011, 12:49 AM

In the month of August, the U.S. will take in approximately $172 billion in revenue. We'll owe $306 billion. That leaves a deficit of $134 billion (the amount that raising the debt ceiling will cover for that month).

Let's say we paid the bondholders, social security, medicare, defense and unemployment. That's $172 billion. That's one month, August.

If we don't pay the rest of the bills -- active military payroll, veterans affairs, dept. of education, parks services, NOAA, EPA, federal salaries etc., etc., etc., that takes $134 billion out of our economy. That's 10% of the U.S. economy, 10% of GDP. That's recession. Immediate recession. In one month.

07-15-2011, 12:49 AM	#2
tooratrack Join Date Oct 2005 Posts 386 Senior Member	In the month of August, the U.S. will take in approximately $172 billion in revenue. We'll owe $306 billion. That leaves a deficit of $134 billion (the amount that raising the debt ceiling will cover for that month). Let's say we paid the bondholders, social security, medicare, defense and unemployment. That's $172 billion. That's one month, August. If we don't pay the rest of the bills -- active military payroll, veterans affairs, dept. of education, parks services, NOAA, EPA, federal salaries etc., etc., etc., that takes $134 billion out of our economy. That's 10% of the U.S. economy, 10% of GDP. That's recession. Immediate recession. In one month.
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