{"id":1704,"date":"2011-05-23T16:22:39","date_gmt":"2011-05-23T20:22:39","guid":{"rendered":"http:\/\/blog.beliefnet.com\/watchwomanonthewall\/?p=1704"},"modified":"2011-05-23T16:22:39","modified_gmt":"2011-05-23T20:22:39","slug":"democrats-spook-markets-with-bogus-threat-of-default","status":"publish","type":"post","link":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/05\/democrats-spook-markets-with-bogus-threat-of-default.html","title":{"rendered":"Democrats Spook Markets with Bogus Threat of Default"},"content":{"rendered":"<p>&#8220;Failure to raise the debt limit would force the United States to default,\u201d Treasury Secretary Timothy F. Geithner panted in a May 13 letter to Sen. Michael F. Bennet, Colorado Democrat. \u201cA default would inflict catastrophic, far reaching damage on our nation\u2019s economy, significantly reducing growth, and increasing unemployment.\u201d<\/p>\n<figure style=\"width: 170px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/photos3.fotosearch.com\/bthumb\/IGS\/IGS131\/EV115-019.jpg\" alt=\"\" width=\"170\" height=\"146\" \/><figcaption class=\"wp-caption-text\">Democrats can make your investments turn to mush speaking &quot;Defaultophobia&quot;<\/figcaption><\/figure>\n<p>Mr. Geithner\u2019s hyperventilation ignores the experiences of millions of Americans who have refused Visa\u2019s and MasterCard\u2019s offers to boost their credit ceilings. Ignoring one\u2019s bills can trigger default; leaving one\u2019s borrowing threshold intact does not. Keeping credit lines unchanged is a first step toward spurning further debt. Responsible cardholders will eat at home more often and, perhaps, shop at Joseph A. Bank rather than Hugo Boss. The resulting savings then go straight to debt reduction.<\/p>\n<p>\u201cIt\u2019s not accurate at all to equate a failure to raise the debt limit with a default on our Treasury obligations,\u201d Sen. Patrick J. Toomey, Pennsylvania Republican, tells me. \u201cThat\u2019s totally false. Tax revenues will be nearly 10 times the amount of money needed to avoid defaulting on our debt.\u201d<\/p>\n<p>Indeed, the Congressional Budget Office (CBO) forecasts $2.23 trillion in federal tax revenues for fiscal 2011 and net interest expenses of $213 billion. Mr. Geithner will have plenty to pay bondholders.<\/p>\n<p><a href=\"http:\/\/www.washingtontimes.com\/news\/2011\/may\/20\/defaultophobia\/\"><strong>Post Continues on www.washingtontimes.com<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Failure to raise the debt limit would force the United States to default,\u201d Treasury Secretary Timothy F. Geithner panted in a May 13 letter to Sen. Michael F. Bennet, Colorado Democrat. \u201cA default would inflict catastrophic, far reaching damage on our nation\u2019s economy, significantly reducing growth, and increasing unemployment.\u201d Mr. Geithner\u2019s hyperventilation ignores the experiences&hellip;<\/p>\n","protected":false},"author":403,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[557,704,705],"tags":[702,703,706,9367,700,398],"class_list":["post-1704","post","type-post","status-publish","format-standard","hentry","category-business","category-economics","category-government-2","tag-bogus-threats","tag-default","tag-defaultophobia","tag-democrats","tag-fear-mongering","tag-geithner"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Democrats Spook Markets with Bogus Threat of Default - Watchwoman on the Wall<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/05\/democrats-spook-markets-with-bogus-threat-of-default.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Democrats Spook Markets with Bogus Threat of Default - Watchwoman on the Wall\" \/>\n<meta property=\"og:description\" content=\"&#8220;Failure to raise the debt limit would force the United States to default,\u201d Treasury Secretary Timothy F. Geithner panted in a May 13 letter to Sen. Michael F. Bennet, Colorado Democrat. \u201cA default would inflict catastrophic, far reaching damage on our nation\u2019s economy, significantly reducing growth, and increasing unemployment.\u201d Mr. Geithner\u2019s hyperventilation ignores the experiences&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/05\/democrats-spook-markets-with-bogus-threat-of-default.html\" \/>\n<meta property=\"og:site_name\" content=\"Watchwoman on the Wall\" \/>\n<meta property=\"article:published_time\" content=\"2011-05-23T20:22:39+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/photos3.fotosearch.com\/bthumb\/IGS\/IGS131\/EV115-019.jpg\" \/>\n<meta name=\"author\" content=\"Donna Calvin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Democrats Spook Markets with Bogus Threat of Default - Watchwoman on the Wall","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.beliefnet.com\/columnists\/watchwomanonthewall\/2011\/05\/democrats-spook-markets-with-bogus-threat-of-default.html","og_locale":"en_US","og_type":"article","og_title":"Democrats Spook Markets with Bogus Threat of Default - Watchwoman on the Wall","og_description":"&#8220;Failure to raise the debt limit would force the United States to default,\u201d Treasury Secretary Timothy F. 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He continued that God wasn't important, wasn't real, and our parents just used God to impose restrictions on us because they were inadequate to parent effectively. I knew then I was going to be involved in a war and that I would have to be in Jesus Christ's Army. Even then, I knew the United States of America would cease to exist without the vast majority of its citizens voluntarily submitting to the Perfect and Good Laws of the Holy Bible. I am a woman who loves the Lord Jesus Christ. I am tired of seeing our LORD denigrated from the school house to the White House. I search the Internet for items that ought to serve as a warning to Americans and Christians all through America, but the nation seems to be sleeping. Wake up America! You are losing your freedoms, your children and your country. 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