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BY ALLIE SPILLYARDS
ANCHOR MEGAN MURPHY
You're watching multisource politics news analysis from Newsy
Last week’s budget showdown was over billions of dollars. But that’s just pocket change compared to the number that matters now.
$14.294 trillion. It’s called the debt ceiling. And to hear politicos talking about it- it sounds like Congress is preparing for doomsday.
KAY BAILEY HUTCHINSON: “Really the debt ceiling's going to be Armageddon.”
EZRA KLEIN: “The economy will go into a tail spin. It will be a catastrophe.”
ERROL LOUIS: “The repercussions would be profound. They would be severe. And they would be permanent.”
Treasury Secretary Timothy Geithner predicts the U.S. will hit its debt ceiling in mid-May -- which makes the need for compromise all the more urgent. So what exactly is the debt ceiling? ABC’s David Kerley explains.
“It’s like defaulting on your home mortgage. Nobody would loan you anymore money without a much higher interest payment.”
But CNBC’s Erin Burnett argues, borrowing is not really a necessity.
ERIN BURNETT: “We are a very wealthy country. If you look at our assets, we could pay down the debt tomorrow. We choose to borrow because we can borrow at incredibly low interest rates. Our country, because we are the safest country in the world, has this ability to borrow. And to choose to borrow and to pay it down later. Other countries don’t have that choice.”
Her colleague Jim Cramer warns- the debt is a serious issue.
JIM CRAMER: “Everyone’s playing with fire. We’re no better than these European countries that are in trouble.”
ABC’s Jake Tapper calls last week’s 2011 budget standoff a slap fight compared to what the U.S. could be facing with the battle over raising the debt ceiling.
“While a government shutdown was serious, defaulting on US debt ... could mean Social Security and veterans benefits cut, a collapse of the stock market, home prices plummeting, tax hikes, a curtailing of Medicare, Medicaid, student loans, and much more.”
And according to The Washington Post’s Ezra Klein - the effects wouldn’t just be short term.
“Right now, the market doesn't believe that our political system would ever allow a debt default. The morning after a default happens, the market will have been proven wrong, and it will have been proven wrong permanently: If it can happen once, it can happen again in 20 years. In that world, the cheap debt that America enjoys and relies on is gone forever, and our economy is likely to be permanently worse off for it.”
But don’t expect an agreement any time soon. A writer for CNN Money says...
“In any case, coming to agreement on any long-term plan -- balanced or not -- is unlikely to happen in the next month. So don't be surprised if lawmakers just approve a series of small increases to the debt ceiling while the negotiations continue.”
According to the latest NBC News Wall Street Journal Poll 62% of Americans say the debt ceiling shouldn’t be raised.
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The bridges are not so safe at winter in European countries like Bulgaria. It’s better to slow down and watch out for the black ice on the road.
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Pictures of European countries.
Turkey is an ideal destination with its being near to European countries and its exoticness. It is possible to reach Istanbul within two or three hours via Turkish Airlines or other national airlines with transfer connection to Izmir, Antalya and Ankara and direct flight possibility.
Can he break the record? let see.....
The chili pepper, or more simply just "chili", is the fruit of species of the plant Capsicum from the nightshade family, Solanaceae.The name, which is spelled differently in many regions (chili, chile or chilli), comes from Nahuatl via the Spanish word chile. The term chili in most of the world refers exclusively to the smaller, hot types of capsicum. The mild larger types are called bell pepper in the USA, simply pepper in Britain and Ireland, capsicum in Australasia and paprika in many European countries.Chili peppers have been a part of the human diet in the Americas since at least 7500 BC and perhaps earlier. There is archaeological evidence at sites located in southwestern Ecuador that chili peppers were already well domesticated more than 6000 years ago, and is one of the first cultivated crops in the Americas.
Jumping is a dance hype in some European countries. The is video shows that the dancers start early. The music is Frozen Flame from Jeckyll & Hyde
Drilling Vessel Chikyu to Embark on Its Inaugural Scientific Research Expedition
Scientists will begin exploring the origins of earthquakes at their source with the launch of the Nankai Trough Seismogenic Zone Experiment (NanTroSEIZE). On September 21st, the Japanese drilling vessel Chikyu will depart from Shingu Port with scientists aboard, ready to log, drill, sample, and install monitoring instrumentation in one of the most active earthquake zones on Earth. Situated off Japan's southwest coast, the Nankai Trough has generated large-scale earthquakes and tsunamis for millions of years.
The vessel's launch starts the first of a series of scientific drilling expeditions that will retrieve geological samples and provide scientific data from the Nankai Trough fault zone for the first time. One important goal is to eventually place long-term monitoring instruments in the fault zone to aid scientists in understanding what processes occur beneath the sea floor before earthquakes are generated. Such new insights could lead to early warning systems for people on land.
The current NanTroSEIZE expedition is led by Co-Chief Scientist Harold Tobin, a marine geologist on the faculty of University of Wisconsin-Madison, and Co-Chief Scientist Masa Kinoshita, a marine geophysicist at the Japan Agency for Marine-Earth Science and Technology. The NanTroSEIZE expeditions are supported by the Integrated Ocean Drilling Program (IODP), an international marine research program led by Japan and the United States, with additional support from a consortium of European countries, the People's Republic of China, and South Korea.
Sign now on *******www.cervicalcancerpetition.eu/ to prevent cervical cancer in Europe. We need 1 million signatures by 22nd January 2008 for the European Parliament to consider the issue.
Every year over 50,000 women develop and 25,000 women die from cervical cancer in Europe when we already know that organised prevention programmes could prevent almost every case. However, the startling fact is that the majority of women in Europe do not have access to these programmes.
Cervical cancer is unique in that it could be virtually eliminated in Europe through organised prevention programmes but only a handful of European countries have these. This situation needs to be changed now so that all European women have equal access to proper protection against this disease.
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The European Union (EU) is a political and economic community with supranational and intergovernmental features. It is composed of twenty-seven member states primarily located in Europe. In 1957, six European countries formed the European Economic Community (EEC) by the Treaty of Rome. Since then the EU has grown in size through the accession of new member states and has increased its powers by the addition of new policy areas to its remit. In 1993, the Maastricht Treaty established the current legal framework.
The EU created a single market which seeks to guarantee the freedom of movement of people, goods, services and capital between member states. It maintains a common trade policy, agricultural and fisheries policies, and a regional development policy. In 1999 the EU introduced a common currency, the euro, which has been adopted by thirteen member states. It has also developed a role in foreign policy, and in justice and home affairs. Passport control and customs checks between many member states were abolished under the Schengen Agreement.
With almost 500 million citizens the EU generates an estimated 31 % share of the world´s nominal GDP (€11.8 / US$17.3 trillion) in 2007. It represents its members in the WTO and observes at G8 summits and at the UN. Twenty-one EU countries are members of NATO. Important institutions of the EU include the European Commission, the European Parliament, the Council of the European Union, the European Council, the European Court of Justice and the European Central Bank. EU citizens elect the Parliament every five years.
The hostesses on the Chevrolet stand deserve particular attention. They wear exclusive uniforms designed and manufactured by fashion students of the renowned Private Modeschule Dusseldorf. This project was part of the pan-European "Young? Creative? Chevrolet!" contest. This competition for art school students was inaugurated in Geneva in March with eight European countries participating. "Young? Creative? Chevrolet!" covers five artistic fields: visual arts, photography, video, interior design and fashion.