There is a difference between being poor, and being broke. Being broke means you are out of money, which could be temporary. According to Jack Lew at the Treasury Department, the USA is broke, but we may end up being in pretty poor shape unless something is done by October 17 when we hit the debt ceiling.
What usually happens is that the Congress approves an increase in borrowing to fund the government. But this time, considering how the government shutdown is working out, the budget talks might very well force the government to take some much needed drastic measures to balance the budget.
This could easily mean deep cuts.
I think Harry Reid and Obama are getting a pretty clear picture of what the meeting of an immovable object and an irresistible force looks like, up close and personal. Expect Obama's lust to be a dictator to be on full display.
Stay tuned.
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