I have a question about August 2nd we should really know the answer to:

[rucky]

Is the 8/2 deadline arbitrary? Who set it, and why?

If this blows up, which it sounds like the republicants are leaning toward, they'll try to blame Obama for:

1) setting an "arbitrary" deadline, then 2) refusing to entertain short-term relief to be revisited after 8/2

[Roselma]

1. We exceeded the debt ceiling in May. Since then, Treasury

has been borrowing from Peter (one fund) to pay Paul (other fund). August 2 was not a drop-dead date, but in May when Treasury knew the average amount per day expected to be paid out and the average amount of revenue to come in, they forecast August 2. It theoretically could be longer if more revenue comes in than originally projected.

[rucky]

2. Thanks

that helps. I just read this article that talks about some flexibility of the deadline, but didn't explain why...

http://www.politico.com/news/stories/0611/58003.html

[aquart]

3. How can revenue come in if we won't tax anyone with money?

[JDPriestly]

4. What fund is being messed with?

[Samantha]

5. Surprise, surprise -- the pension fund of government employees

When the statement was made (I heard it on the news) the comment was added it would have no impact on current retirees. I distinctly remember this because my brother retired a couple of years ago. Additionally, I saw a chart here at a link which showed to date how much of these billions have already been "borrowed" and how much remains. I was shocked.

Sam

[JDPriestly]

6. The billions have to be repaid.

People who are now retired and those yet to come have paid the first pennies in their paychecks into the Social Security Trust Fund since they were kids.

I for one was 14 when I got my card.

I worked at least two summers in high school and then throughout college and have paid into the fund every year I have worked in the US since that time.

I speak for others in my age group who may not be able to speak for themselves.

The government has let us down in many ways more and more frequently over the years.

But this is such a calculated and blatant betrayal of promises made to young kids. It is shameful.

I cannot believe that Obama would have agreed to the extension of the tax cuts for the rich and now come to us with this ridiculous excuse for cutting Social Security benefits.

I agree with De Fazio. Obama created this crisis.

I will support and campaign for real Democrats but not phony ones who prattle about the full faith and credit of the government but justify breaking promises made to little kids long ago. Shameful.

[Samantha]

7. Well, of course, I am hoping that it is

I just terribly regret the fact it was done in the first place.

Sam