Surely an administration that came into office on the heels of a financial crisis and claims the unilateral power to assassinate American citizens is not waiting on Congress to tell the Treasury Department how to perform its most elementary function? Surely the American people, in their wisdom, would not elect such irresponsible amateurs to high office? (Twice?) Refusal to raise the debt ceiling will never necessitate default — unless the interest payments we owe exceed the revenue we have. That is not even close to being the case — net interest payments have been running around 7 percent of revenue lately. But if current trends continue, that number will change. In 2010 Moody’s, working from Congressional Budget Office projections described by one analyst as “wildly optimistic,” calculated that policies being pushed by the Obama administration could drive interest payments as high as 20 percent of federal revenue by 2020. nationalreview/article/360134/real-debt-ceiling-kevin-d-williamson#!
Posted on: Thu, 03 Oct 2013 18:18:31 +0000
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