Will Congress compromise on debt ceiling

[Nazgul Girl]

Does anyone seriously think that the U.S. won't be able to avoid a default on its debt ? I was thinking that this would never happen, but it seems that the President/Congress are playing chicken with each other, and are running out of time.

I'm just wondering what others think. I dismissed the possibility for quite some time, but now I'm beginning to wonder whether ideologues are running us nationally, as well as in Minnesota.

I would buy gold ahead of this if it looks like it's going to happen.

[TheOtherMe]

I'm very concerned about this for both the country and myself. I am a federal retiree and nobody has answered the question of whether or not they will pay our pension in September if this goes on very long.

[Nazgul Girl]

Wow. My husband is on S.S. and I am wondering about all of the ramifications, also. We have never defaulted on our debt, not even in the Depression. I think we would lose a tremendous amount of prestige around the world. Gold/platinum would become the new standards, I suppose. I don't really know, but I would think the dollar would become crap and that I would want to own gold/silver/platinum over the dollar.

[DVM gone riding]

I think they are playing chicken and my only concern is the market. I am tempted to sell some now and rebuy after they get it figured out!! I think it is going to take a HUGE dip again and then have to recover from that--but shoot what do I know I am just a little person with little experience in this stuff!

[Nazgul Girl]

Yes, I'm sitting on the fence right now. Apmex is showing a fair amount of bullion items sold out, but nothing like when the stock market plummeted in 2006. As far as the selling stocks, it might be a good idea.

[rovo]

Refusal to raise the debt ceiling does not dictate defaulting on government bonds. There is more than enough revenue to carry the bonds plus most other needed items. This is not a new item with the debt ceiling as I have seen the refusal to raise it twice I think. The world did not end either time.

[Deleted]

Political drama.. not worried.

[ses]

I'm not going to get too concerned, yet. After all, most of those politicians doing the posturing and bickering (of either party) want to be re-elected.
However, I think i will increase my gold holdings. If they are still fussing by the end of the month I might get some extra cash on hand and stock up on some frozen fruits and vegetables to tide me over during the confusion that might follow.

[Deleted]

Dems have given in just about everything... if anyone is playing chicken its the republicans... they want it all... and no closing of tax loopholes...