Treasury: Even talking about default hurts economy
October 3rd, 2013
10:50 AM ET
11 months ago

Treasury: Even talking about default hurts economy

New York (CNNMoney) - The United States has never willfully defaulted on any of its legal obligations. So the consequences of doing so are unknowable.

But the general consensus is that it could be catastrophic. Or, in the best-case scenario, seriously damaging to the economy.

FULL STORY

Filed under: Debt • Government Shutdown • national debt • Treasury
soundoff (33 Responses)
  1. w l jones

    Would you know the POTUS is winning this augusment on budjet by default by house an senate action a we the people of America is benifited by lower cosumer price. As a say steady as you go mr. President watch our economy as well the world economy take of when this all come to an end.Bless.

    October 3, 2013 11:51 am at 11:51 am |
  2. anonymous

    rs - Beyond that, arrest and treason and/or terrorism charges (just as we would do for any other run-of-the-mill terrorist) would seem completely appropriate.
    Tampa Tim
    Republicans are bordering on treason. They should be given the opportunity to resign or go to trial
    --

    well isn't this a fine display of the definition of left wing law and order. the both of you might feel more at home in north korea and cuba. these are the types of people that vote for the democrats and obama. communists from the joseph stalin days....

    October 3, 2013 11:51 am at 11:51 am |
  3. Karina

    You should know that the world doesn't care about the Republican or Democratic Party in America but they do care about the leadership and President Obama hasn't shown any , not at home or on the international forum.

    October 3, 2013 11:54 am at 11:54 am |
  4. rs

    truth hurts but reality bites

    The government collects FAR more in tax revenue than the interest costs of the debt. There is always plenty of money to pay the interest costs of the debt, at the moment. If the USA defaults, it will be because the incompetent Obama adminstration willfully chooses to default.
    __________________________
    The loons speak. Which is it? Are we spending ourselves into oblivion? Or, are we rolling in dough? The idiots of the GOP cannot decide.

    Here's a tip: mess with the ability of the government to pay its bills, and you have undertaken an act of war against the U.S.

    October 3, 2013 11:55 am at 11:55 am |
  5. Sniffit

    "he economy's recovery hampered.
    ––

    Correction: hamper the dismal, barely visible, joless recovery."

    Thank for illustrating the Teatroll mind's masterful penchant for circular logic.

    October 3, 2013 11:57 am at 11:57 am |
  6. truth hurts but reality bites

    Sniffit
    --
    "he economy's recovery hampered.
    ––
    Correction: hamper the dismal, barely visible, joless recovery."
    -–
    Thank for illustrating the Teatroll mind's masterful penchant for circular logic.
    --

    And thank you for your usually drivel. 1.5-1.8% growth is stagnation not a recovery. For the last 5 years of the Obama adminstration, the economy hasn't created enough jobs to keep up with population growth, let alone put others back to work. Stop lying to people about a recovery. There has been none, even after 5 years.

    October 3, 2013 12:12 pm at 12:12 pm |
  7. Marty, FL

    Now there's talk of defaulting on our nation's credit. Enough of this tea nonsense destroying our economy.

    Incompetent Boehner and his GOP need to work past their tea extremists and pass a bipartisan clean CR & debt ceiling immediately. Quit hurting Americans unnecessarily.

    Ugh, exactly why I left the Republican Party.

    October 3, 2013 12:12 pm at 12:12 pm |
  8. Gunderson

    Oh, Yes,
    Can't stop Printing Press now. Who care about all Funny Money. It all about Full Faith and Credit of U.S. of A. Old Gunderson start invest in Bushal Baskets. People need them to carry around money. It all them dirty low down Republician's that screwing up country. They want us to work!!

    October 3, 2013 12:16 pm at 12:16 pm |
1 2