Countdown to meltdown '011: 19 days, not including the rest of today.

[originalpckelly]

2 August 2011:
The day hell really breaks loose, 19 days from now.

[thewiseguy]

1. It will be earlier than that, given that a bill has to be written and passed

There will be no Armageddon. They will raise the debt ceiling which will allow us to borrow more money and delay the inevitable.

I had been hoping for a deal that would cut our deficit or reduce the spending in a meaningful fashion but I do not think neither side is serious about it or are too inept to do anything. They freaking passed a 650 billion dollars defense spending bill without any real debate...

[originalpckelly]

2. And S&P said it might still downgrade us even if it is passed.

That's the real problem.

That means higher interest rates to finance the debt we already have and any future debt. AND that means we'll fall of the cliff even sooner.

This is going to be a fucked up year.

[Poll_Blind]

3. As I've mentioned to a few friends, enjoy the summer because it's going...

...to be a hard Christmas this year. 2012...I have no idea what that's going to bring, but I'm doing my damnedest to put my family in a position where we can weather out...well, where we can weather out what we hope would be the worst of it.

PB