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View Diary: GOP congressman: Failing to raise debt limit wouldn't be big deal (79 comments)

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  •  What an idiot! Does he not believe in the law? (1+ / 0-)
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    eXtina

    As far as I know, Treasury does not have a choice in what payments to make to whom.  They have to follow the budget that was passed by congress and signed by the President.  You know the one that just recently passed with $38 billion in cuts and over $1 trillion in debt spending?

    Meaning that if Treasury cannot raise more cash to meet those obligations, the first item that gets nixed is payments on interest.  Otherwise Treasury would be breaking the law.

    And another thing.  We have over a $1 Trillion dollar deficit.  We need to raise the debt limit by about that much to not default on our debt.  If we don't, that's the equivalent of cutting a $4 Trillion budget by $1 Trillion dollars.  Discretionary, non-defense spending is about 12% of that budget.  After you eliminate education, health and human services, agriculture (e.g. food stamps), etc. etc. where are you going to get the other 13%?  Stop paying the troops?

    This guy is a fucking idiot.

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