The Debt Ceiling is the Law of the Land
Let’s put the myth to rest. The only way we default on the debt is if we fail to pay the interest on the public debt. According to the updated budget projection from the CBO, interest on the debt will be roughly $237 billion for 2014. Thanks to the short-term revenue benefits of the fiscal cliff and 0bamacare tax hikes, the federal government is expected to rake in a record $3.042 trillion from the private economy this year.
Let’s engage in a simple math exercise. $3.042 trillion – $237 billion = $2.805 trillion. As long as the Treasury pays the first $237 billion in revenue to the shareholders of our debt, there will be no default, and we will have $2.805 trillion left to spend. Again, default is taken off the table. Discussion over.
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Repeating this post
and note that Jack Lew has no intention of prioritizing - meaning the ability to prioritize lies in the hands of the executive branch.
Is this not correct that priorities need to be identified if the situation calls for it?
For some reason my article link didn’t post in my last post....
Debt Ceiling law of the land: http://www.redstate.com/2013/10/07/the-debt-ceiling-is-the-law-of-the-land/