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Moody’s, S&P Warn U.S. Risks AAA Credit Rating If It Defaults On Debt — Even Briefly
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05-20-2011, 10:45 AM
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gWhya5ct
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Oct 2005
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Most people do not understand the debt ceiling. Here's I how explain the concept: You ran up the debt already. When Vinny shows up and says, "Screw you, pay me," you don't argue. You beg, steal or borrow the money and pay what you owe, today. Next week, you get another job to bring in more money, cut back on your spending... whatever it takes so that you can make the next payment on time.
What you don't do is throw your grandmother out in the streets or stop feeding your kids. You sell the fancy car, quit buying video games, and do whatever it takes to bring in some extra cash. You don't want another visit from Vinny the debt ceiling -- the huge, ugly, I'm-gonna-break-your-kneecaps debt ceiling.
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