Posted on 10/09/2013 3:19:08 AM PDT by SoFloFreeper
Senator Richard Burr, Republican of North Carolina, a reliable friend of business on Capitol Hill and no one’s idea of a bomb thrower, isn’t buying the apocalyptic warnings that a default on United States government debt would lead to a global economic cataclysm.
“We always have enough money to pay our debt service,” said Mr. Burr, who pointed to a stream of tax revenue flowing into the Treasury as he shrugged off fears of a cascading financial crisis. “You’ve had the federal government out of work for close to two weeks; that’s about $24 billion a month. Every month, you have enough saved in salaries alone that you’re covering three-fifths, four-fifths of the total debt service, about $35 billion a month. That’s manageable for some time.”
(Excerpt) Read more at mobile.nytimes.com ...
Liberals are like crack addicts. They’re desperate to spend money and can’t explain why. They just know that spending is the only answer to every question.
>> you have enough saved in salaries alone
Except that you’re going to PAY IT ALL BACK.
You’re not saving a dime, Richard. It’s just “fiscal reponsibility theater”.
I’ve heard it explained by economists like this:
Imagine your bank won’t give you another credit card and all your cards are maxed out. But you still have your pay check coming in every month. Not getting that additional credit card does not mean you can’t pay your mortgage, you still have a paycheck with sufficient funds.
So raising your “debt limit” doesn’t automatically mean default.
Perhaps it’s time for Fedzilla to live within it’s means.
One day I will smile when the ny slimes burns... it will happen... satan will do it himself when he is done with that beast.
Why should we pay back the debt to the Federal Reserve? It was all just digitized credits put in accounts. It’s not like they gave the government money to spend. In fact, if the government decides to put more money in the system, why call it loans? We’re way past it being real money. Just do it; that’s bad enough. But even worse is these forever debts.
The democrats keep saying that America can’t be known as the nation that dines and runs but their only proposal is to order more, keep eating and hope the restaurant never closes.
Basically do what Detroit did.
Actually in some ways I would relish a default under this president. It would cement his place in history.
Or, in other words, we deem that the Balanced Budget Amendment was passed... now Make IT So!
Very informative show
There would be no “default”, just a 25% reduction in govt spending (which is now reduced by 13%)
Govt basically starved back to 2001 spending level
(we weren't starving and freezing in 2001)
interest on the debt would be paid (about 20Billion a month)
social security would be paid because it is right now paid by redeeming US govt issued debt
the govt would continue to take in about 2 Trillion in federal taxes (would be more if obama and the democrats weren't screwing up the economy)
the sun would continue to rise
unless obama figures out how to barry cade it
That isn’t “default.” It’s the exact opposite.
I think the point is, that if there is enough money there to pay the interest or monthly payment, which we agree there is, that payment can and should be paid, so then there IS NO DEFAULT. If the debt limit is not increased but we still make payments, there is no default, and the headline is misleading, just as the Pres__ent is, in calling not passing the debt limit automatically a default.
The headline makes it sound as though a true default occurs. But it doesn’t.
And don’t forget what the Smartest Man in the World said about the debt ceiling..:
“...The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure... Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.’’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
I therefore intend to oppose the effort to increase America’s debt limit.”
- Barack Hussein Obama
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.