Or so it seems.
- They both want to cut $1.2T
- GOP wants this to be with another vote in 2012 (i.e. right before election season)
- White House wants it to be after in 2013
- GOP wants outlined cuts beyond that and White House has estimated cuts of $2.7T (which includes us not being in any wars… how likely is that scenario?)
All in all, they’re not bad but I have to say that I really like the GOP’s idea to hold the Gov’t responsible for making those cuts i.e. the 2nd vote next year.
Seriously though. We. CANNOT. Default. We already pay about 41 cents in interest for every dollar we borrow and if our credit rating goes down, that’s going to get significantly worse. We are a power player in the world and can’t forget that as goes America so goes the Globe.
Just read an Inman article about how a Debt Default Could Cripple Mortgage Markets… gee, ya think?!