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With the deadline for a debt ceiling vote casting a long shadow over all the major news outlets recently, we are all wondering just how raising or not raising the debt ceiling for America will impact our personal finances. When money is tight at home, anything in the marketplace that has an impact on the personal pocketbook is important, especially to those of us who will be affected. The debt ceiling affects everyone's pocketbook. It currently stands at $14.3 trillion dollars and has been raised 78 times since 1917, with 74 occurring since 1962 and 10 since 2001. Congress has waited until the last possible moment to make a move several times, usually due to political beliefs. When a deadline looms near, we often become confused and scared because we don't necessarily understand what happens when a debt ceiling is or is not raised before a deadline. In 2011, the deadline for making a temporary budget is August 2nd. The Democratic and Republican parties and President Obama are at an impasse while each speaks to the potential problems that will arise if the debt ceiling is not raised. As an all important debt ceiling vote is imminent, one plan has passed the House of Representatives, but will fail in the Senate or be vetoed by the President. Here are a few of the concerns if the debt ceiling vote is not made on time, or if plans fail all together. 1. Seniors and the disabled may not receive their August check on time. 2. Veterans and the military may not receive their August pay. 3. Interest rates may rise if the country loses its triple A credit rating. 4. Foreign investors may be reluctant to take US dollars, thus devaluing the dollar. 5. Credit and other interest rates may rise due to a poor credit rating. 6. Cost of new credit, gas and other everyday items would rise. 7. Mortgage rates and interest rates on unpaid credit would rise. 8. Stock values may crash and we would all be harmed by a reduced value of our investments. 9. Medicare payments may be so reduced that doctors and hospitals would not accept it any longer. Over 80 million social security payments are made each month. The specter of a reduction in future cost of living adjustments, higher age requirements for Medicare, and possible interruption of payments weighs heavily on all seniors and other persons receiving social security payments.


The President alone can raise the debt ceiling limit by using the14th Amendment. Former President Bill Clinton has already advised that this may be the only option if the House of Representatives and the Senate cannot come up with a compromise budget and debt ceiling agreement. Regardless of who does the final act of raising the debt ceiling, everyone will be affected financially due to credit adjustments that are already coming into effect solely because of the impasse on future spending and income projections. It's obvious that government spending needs to be cut at some point. A good portion of monthly revenues pay for entitlement programs, military salaries and foreign aid. The government has continued to borrow money from other countries to stay above water, while only paying interest on previous loans. Raising taxes will harm employment as businesses cut back and stop hiring. This also means there will be less revenue coming into the government coffers from employed persons. At some point, the principal amounts need to be paid. This can only be done if spending is less than income. This is where Congress lacks agreement on how to achieve this delicate balance. One side wants no increases in taxes while the other wants no reduction in expenditures. Most likely, the debt ceiling vote will come in time to temporarily ward off financial disasters. In the long run, everyone will be hurt in their pocketbook as government continues to outspend revenues.

We are all concerned about the debt ceiling and what has been taking place in Washington these days. Money has been tight over the last several years for most people and the last thing we need is for our finances to become any tighter. For more information on the debt ceiling and how Washington is affecting all of our finances go to http://www.savvywomeninvesting.com/

Article Source: http://EzineArticles.com/?expert=Andrea_S_Gold

==== ==== You missed your high school diploma? Do you know you can get a GED certificate as an alternative which actually keeps you at the level of a High School GRADUATE? You dont have time to take your GED tests during the week to get a high school equivalence? Here is the final chance of getting your GED in one day for a rewarding future. Our final Saturday testing will be on June 2 2012 starting at 8:00am. Call now for an appointment. Visit this blog for contact and address details: http://emmateps.com


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Debt Ceiling Affects Everyone's Pocketbook