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Treasury mulls which bills to pay
Topic Started: Jul 28 2011, 01:12 AM (117 Views)
jon-nyc
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Cheers
http://www.nytimes.com/2011/07/28/business/economy/treasury-to-weigh-which-bills-to-pay.html?_r=1&hp


Apparently treasury officials don't view themselves as having the authority to prioritize whom to pay based on moral or political views.

That suggests it would be first-come, first-served (though they haven't explicitly stated that). That method probably has fewer programatic or operational challenges than any other.
In my defense, I was left unsupervised.
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Axtremus
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HOLY CARP!!!
"first-come, first-served"

Should seniors race to Social Security offices or to carnal bliss?

:blink:
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big al
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Bull-Carp
So it will work just like an individual who stacks up his bills in the order due and pays the next one on the top when he has the money to do so.

That implies a general default on nearly all debts before much time passes as more and more bills in the stack become overdue when the money comes up short. Technically, it is probably difficult to do exactly that with the various debts of the government, but that is the principle involved.

It's looking more and more like we're about to embark on a great economic experiment with unknown consequences, very few of which are likely to be good.

I suspect very few of us work at occupations that don't somehow derive income directly or indirectly from government payments. I wonder how long the ripples of default will take to reach nearly everywhere in the country and, indeed, in the world.

Big Al
Location: Western PA

"jesu, der simcha fun der man's farlangen."
-bachophile
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