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Growing number of Republicans
insist that refusing to raise
the debt limit will NOT lead
to default Doomsday

Daily Mail (UK), by David Martosko

Original Article

Posted By:JoniTx, 10/9/2013 2:34:41 PM

In the midst of political wrangling over budgets, deficits and debt ceilings, a new talking point has emerged on the right side of the aisle: The U.S., say some Republicans, can continue to service its debt load long past Oct. 17 – the date when Treasury Secretary Jack Lew warns the U.S. will default on its fiscal obligations – even if Congress refuses to raise the debt ceiling. The New York Times explored the issue Wednesday in an article under the headline: ´Many in G.O.P. Offer Theory: Default Wouldn’t Be That Bad.´ No one has argued in favor of default,

      


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Reply 1 - Posted by: plex, 10/9/2013 2:45:55 PM     (No. 9557905)

They are correct! If I take away your credit card, you can still pay your mortgage but can´t buy that wide screen TV on credit.

This may be a hard way, but all it requires is a balanced budget.

Any bonds that mature or are redeemed can be replaced without raising the debt limit.

This may be harsh but it isn´t a catastrophe.

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Reply 2 - Posted by: comstock, 10/9/2013 3:15:42 PM     (No. 9557944)

The ratings agency Moody’s Investors Service agrees:
http://www.washingtonpost.com/blogs/post-politics-live/liveblog/live-updates-the-shutdown-4/?id=c1e3ada3-dc00-41d8-92cb-327c5c814d82

And drives another nail into the coffin of this gangster presidency.

” We believe the government would continue to pay interest and principal on its debt even in the event that the debt limit is not raised, leaving its creditworthiness intact,” the memo says. “The debt limit restricts government expenditures to the amount of its incoming revenues; it does not prohibit the government from servicing its debt. There is no direct connection between the debt limit (actually the exhaustion of the Treasury’s extraordinary measures to raise funds) and a default.

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Reply 3 - Posted by: bkt23, 10/9/2013 3:25:44 PM     (No. 9557960)

Refusing to exacerbate the problem and kick the can down the road is NOT the same thing as creating the problem. That was done decades ago across parties.

A crisis deferred will only grow and eventually you have to pay the piper.

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Reply 4 - Posted by: Spaceman Spiff, 10/9/2013 3:34:32 PM     (No. 9557979)

The only way the country is in trouble is if the government is unable to do at least 1 of the following three things:

Borrow
Raise Taxes
Print Money

This administration has shown a propensity for raising taxes and printing money so the disaster talk is unfounded. Keep the debt limit where it is!


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Reply 5 - Posted by: obviousity, 10/9/2013 3:44:27 PM     (No. 9557993)

Obama administration to indict Moodys for failure to promote panic./s

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Reply 6 - Posted by: mamafrog, 10/9/2013 3:48:09 PM     (No. 9558000)

Alienating the Business Community, crashing the balances of 401Ks and causing Social Security Payments to be reduced or late now there is a winning strategy.

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Reply 7 - Posted by: Rafter, 10/9/2013 4:22:42 PM     (No. 9558046)

Moody´s and the GOP´ers are right on this one...
Right on the money!

O-Bomber the NO-Bomber is imploding his own administration.
He self-Alinskied.

NO-Bomber is giving himself a Reggie Wedgie on national TV.
Ewwwwwww... nobody likes seeing it.

Thumbs Down! on the Afro-Firmative Action Emperor who has two thumbs up his
Carbon Credits Chute!

(Global Warming my ass...
he has his head stuck so far up it he thinks it´s hot in here!)

(It seems contradictory... but Global Warmers have their heads stuck where
the Sun don´t shine... )

(I´ve always said NO-Bomber can go frack himself.)

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Reply 8 - Posted by: OhMy, 10/9/2013 4:44:37 PM     (No. 9558093)

The quotes from Rat newspapers are meant to sow confusion. All that happens is that expenses have to be cut to balance the budget. That is real cuts which is what should be done anyway. The only way default can happen is if Barry yet again defies the constitution. Debt service is the top priority so other things must be cut. There is enough money coming in right now to service the debt but this could change if the Fed looses control of the interest rates. If the rate goes up on this immense debt it could easily consume all the income with nothing left for other govt programs. This will be a real doomsday. There is no problem with paying social security. It is baked into the law - IOU´s get traded for money and the cheques go out. This lowers the book debt and that much can be borrowed without going over the limit so it is a wash. The only way social security would not get sent out is if Barry believes that the blame will go to the GOP then he might do it anyway breaking the law again! I am glad to see that at long last the GOP are explaining Obama´s B.S.

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Reply 9 - Posted by: ColonialAmerican1623, 10/10/2013 12:51:09 AM     (No. 9558696)

Or do they just want to get back to clean towels in the gym ?

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