From KrisAnne Hall: Default on the debt will occur if, and only if, the Administration deliberately chooses not to make the interest payments with the tax revenue they receive each month. The US Government receives over $200 billion in tax revenue each month, and must make $20 billion of interest payments. In other words, there is enough income to service US debt payments whether Congress raises the debt limit or not. Its counterproductive for the Administration to threaten default as we debate whether to raise the debt limit.
Posted on: Tue, 15 Oct 2013 02:37:47 +0000
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