I say Bachmann is a hero. Let's join Ireland and become a junk bond, destroy Wall Street and get pay backs.

...The timing of the downgrade (click title to entry - thank you) was questioned by Mr Barroso, who made similar remarks when the US-based ratings agency downgraded Portugal last week, hours after the Portuguese parliament committed to more cuts than agreed under their austerity programme....

Ireland now has a reform program and everyone in the EU is loving it.  If every nation in the world attains Junk Bond Status the 'market system' would have to reset and then no nation in the world would be junk status ever again.  Sounds like a plan, Michelle.

The GOP are the very effective liars. The truth is on August 3rd it is anyone's guess.

Can Treasury effectively (click title to entry - thank you) choose among 80 million monthly
payments so that 40 - 45% of bills are NOT paid?

– Inflows and outflows do not match up well and are quite “lumpy,” as our daily analysis shows

The above statement is take from a 'daily analysis' of the federal budget after default.

The statement is on page nine and the daily analysis begins on page 21.  The pages from 9 through 20 is a discussion of 'scenarios.'

On August 12 there is finally a $1 Billion surplus.  Now, with all the past debt unpaid from August 3rd where is the one billion going to go?  Probably carried over to August 13.

Page 35 states:

Conclusions

• The risks are real:

– The Treasury market, interest rates

– Level and status of the dollar

– Our economy

– The global financial system
• No guarantee of the outcome; risks are risks