The federal government has been running a 2 trillion dollar annual deficit. In order to meet other obligations such as Social Security and military spending after October 17, they must either raise the debt ceiling or default on interest payments to the existing debt.
So it’s not BS.
Let’s keep in mind that Boehner has only one vote. Buried in the story is the influence of Tom Cole. Cole is the François Leclerc du Tremblay for the establishment in the House. His puppy James Lankford (like Graham is to McCain), and my Representative, follows Cole everywhere.
Cole, in September, at town hall meetings, did not want to push the CR strategy. Lankford was in lock step with him despite my direct questions asking for his position, and the rationale why.
We must continually urge our “safe” representatives to do the right thing and hold firm.
Gwjack
You didn’t get it. After Oct. 17 THE FIRST RECIPIENTS OF THE TREASURY’s TAX RECEIPTS ARE THE FED BANKS TO PAY INTEREST ON THE DEBT. Ergo, there is no risk of default, just a risk of more fed programs not being funded since what’s left after the interest payments cannot be increased by issuing more debt. In which case Reid and O better get off their butts and start approving House spending bills as many more agencies will be affected after Oct. 17. Why are they being so intransigent?
Got it now?