GAO: Yes, We Stand By Our Prior Ruling That, To Avoid a Default, the Government May Prioritize Interest Payments on Debt Over Current Government Spending
This is what the GOP keeps saying– that if the debt ceiling is not raised, it does not mean a default, because the government will have plenty of money coming in. Just not enough to pay interest on old debt and maintain current spending.
So, if we don’t raise the debt ceiling, it just forces the government to cut spending.
Of course Obama could also choose to not cut spending, and just default. But that would be his choice. He cannot say he was forced to do that, or the GOP demanded he do that.
There’s really just no excuse to raise the debt ceiling. And if Ace is right, the deadline is upon us, as early as Monday.
Take a stand for once, Republicans.
Ah, who am I kidding?