- Posted January 2, 2013 by
Obama Warns of Global Cliff Ahead
"We can't not pay bills that we've already incurred. If Congress refuses to give the United States government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic, far worse than the impact of a fiscal cliff."
Between now and the next round of talks members of congress will be conferring with their constituents. Many of them support a more conservative fiscal policy.
If the congress does not give the president the bigger credit card without concessions then there will be consequences that may result in the S&P making new highs and then reversing to lower lows than they made a few years back.
This type of event would give the Obama administration a legacy that would be discussed in every history book for the next five hundred years.