Schumer rejects House debt ceiling bill, plans hearings to ‘expose’ GOP’s ‘reckless legislation’

"The Senate will show the public what this bill truly is," Schumer wrote in a letter to his Democratic colleagues. "Beginning this week, our Committees will begin to hold hearings to expose the true impact of this reckless legislation on everyday Americans."

What the heck happened to free and open debate? Schumer sounds like a nutcase. In fact, he sounds evil and uncivil.

Our new Congress needs to announce that a more than reasonable budget has been forwarded and it will not be amended PERIOD! If the Senate or President is not happy with it then don’t sign it and let the country see what happens when you don’t, it will all be on the demons in the Senate and White House. Tell them that if they really want more money they should ask Soros for it, heck he financed their campaigns so why not?

The daily/monthly existing revenue intake of the federal government can MORE than cover a.) servicing the borrowed Federal Reserve loans b.) servicing any and ALL foreign credit debt owed and c.) cover fully the essential budgeted items for national defense, fixed social security trust fund repayments and d.) other deemed essential emergency items.

I understand this argument but I think it represents a distinction without a difference.

Levin is playing with the word "default", saying it only applies to bonds and other formal debt instruments.

While that may be technically true in some sense it isn't really important.

The "full faith and credit" concept has come to mean much more than just honoring certain debt instruments. In the public and in world markets it means the US government honors its obligations, whether that means fulfilling a contract for a contractor to produce goods or honoring employment agreements.

The idea that the markets would draw a distinction between which legal obligations the government honors is naive at best. If we reach the point where the government's word can't be trusted, even if it isn't a specific debt instrument, it will get ugly.

The idea that we pass laws committing to a course of action then turn around and say we don't have the money to do it is third-world.

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