Anonymous
Anonymous asked in Politics & GovernmentPolitics · 7 years ago

Should the US declare bankruptcy?

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  • 7 years ago
    Favorite Answer

    can't. there is no provision in the Constitution which permits the nation to go bankrupt. there is a provision which requires the government to, in essence, pay it debts.

    I point out that Social Security, disability, unemployment, and food stamps are not debts and the programs could be abolished completely at any time by simply repealing the laws that are their legal underpinning. [The Supreme Court has already made such a ruling with respect to Social Security.]

    Source(s): grampa
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  • Anonymous
    7 years ago

    Yes .They majority of the debt is held by the Fed and we pay using current revenues so we could cancel the interest payments and bargain with China and Japan for the other 2.3 trillion . Total foreign debt is less than 3 trillion .

    All of this could be possible IF we balanced the budget which the Simpson / Bowles Plan does .

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  • Pat
    Lv 7
    7 years ago

    Okay dumbass.

    The CONSTITUTION says that Congress will make laws about bankruptcy.

    They have done that.

    Under US bankruptcy law, it is not possible for the federal government to "declare bankruptcy".

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  • Anonymous
    7 years ago

    That's what the Auto industry should have done but Obama decided for that not to happen and so we ended paying for it.

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  • Anonymous
    7 years ago

    everybody knows they have been bankrupt a long time ago, so no need to declare anything

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  • Anonymous
    7 years ago

    No. The USA is not bankrupt and it is impossible for it to be bankrupt.

    Apparently you don't understand the difference between the USA and a corporation.

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  • Anonymous
    7 years ago

    Whoa! And hold those horses too! We aren't dead yet so stop beating us.

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  • Link
    Lv 6
    7 years ago

    We will have to eventually if something doesn't change

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  • Anonymous
    7 years ago

    steak and egg burrito

    Source(s): McDonalds
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  • Anonymous
    7 years ago

    NEVER!!!!!!!!

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