So if these final steps fail like the previous steps, what then?
screw the lew!
The “Debt Holders” can be paid with ongoing tax revenue, that’s the ONLY aspect of government outlays that they can default on.
An orderly bankruptcy should occur.
(just trying to scare 'em a little ...)
As if $2.7 TRILLION dollars ain’t enough to meet their obligations.
("Alinsky, you magnificent bastard, I read your book!")
The Treasury has the Constitutional authority to create dollars.
The Treasury therefore does not ever have to borrow dollars.
Unfortunately, whenever Presidents authorize creating rather than borrowing dollars they are assassinated. Weird.
But ssshhhhhh, this is a secret. Need to keep borrowing in the name of the tax-sheeple-payer.
Why are they not setting up a site at www.gofundme.com
We are a nation of scaredy cats. So much of our thinking and behavior is controlled by fear of this or fear of that. It is because we are trusting in man and not the living God.
The U.S. is close enough to balance that, with a concerted effort, we could bring the gap. Dove-tailing the continuing resolution with the debt ceiling date would put everything on the table. Or, doing nothing until the debt ceiling date. That would too. The Democrats need Republican votes in the House of Representatives. We can and should get something in return for our cooperation.
I understand that the monthly tax collections are greatly in excess of the principal and interest on the debt.
This being so, how is default possible?