Mz-Migraine, that was part of it. But Fox News had it broken down. I tried to find it and couldn't. I KNOW interest on the debt was first. Then as I said, SS/Medicare/Medicaid was something like third. As for what dollymom said, I do agree. I am a retired fed myself and I have already taken two hits (Early Out and WEP). My husband is an active fed. Federal employees are usually the ones to take the hits first and they currently are with more proposals on the table. Anyway, my point being while we might not like taking more and more hits, we know sacrifice and are willing to do our part. At least me and mine are...can't speak for everyone else. But I also believe it should be across the board meaning the private sector as well...everyone will have to share in the pain. I also believe in less taxes, smaller government, etc. which may sound strange. But I also know the government is beyond bloated. Anyway, I could write novels but the bottom line is...we all have do to our part.

Nothing too do now except watch CNN.C-SPAN and C-SPAN 2 and wait and hope the check shows up next week.

The checks will be here.....regardless of what the two sides do or do not agree on.

so everyone of us should sacrifice but corporations who pay no taxes and there are plenty, and the top 2% who have the lowest tax rate at this time in US history should have their tax rate cut? what do they sacrifice? their refusal to contribute anything toward the debt crises is part of the reason we have such a large debt to start with.

Fox News just said that the government has 12 billion dollars coming in on Aug. 2nd and has 32 billion dollars in bills.

Like I said before. This thread is getting juicier and juicier, with all the varied opinions of what might happen, and what might not happen.

The only thing we do know is that WE DON'T KNOW WHAT WILL HAPPEN.

And like I told Alan, when August 3rd arrives and I find out the checks went out, WE ARE GOING OUT FOR JAPANESE FOOD.

That's it!!

Here you go Melody, this is what I was looking for. I agree with Kitty as well; checks will go out.

Ramsey went through some of the numbers on the federal budget and the debt ceiling situation. He noted that the government takes in $2.6 trillion in revenue each year. Out of that $2.6 trillion, he delineated the list of spending priorities the government is likely to follow. It breaks out likes this:

Interest on the debt
$0.4 trillion ($400 billion)
Medicare/Medicaid $0.7 trillion ($700 billion)
Social Security
$0.8 trillion ($800 billion)
Military $0.8 trillion ($800 billion)
Total $2.7 trillion

that list is one analysts guess as to which programs or debts the federal government will make a priority in the event of a default. there have been at least 3 other scenarios i have seen from other analysts. the one thing you can count on is that the bond holders will be paid first, after that at this point its all speculation. there is no law or protocol that covers this.

of course fox being owned by Murdoch, may have gotten their information from hacked phone calls and hacked voice mails, in that case they may know more than other news sources.

if checks don't arrive and medicare is slammed, then me & mine will **** bricks

Echoes, of course it is an opinion piece. I don't believe I said otherwise. What he has listed are OBLIGATIONS. And I happen to agree with this particular scenario. The full article is is on Fedsmith should you choose to view it.