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No Budget, No Debt Ceiling Hike

Bill258 Wrote: Jan 19, 2013 9:24 AM
Not increasing the debt limit does not mean the U.S. will default on outstanding Treasury bills, notes and bonds. In fiscal year 2012, federal receipts were $2449 billion, 6.8 times the $360 billion interest on Treasuries. There is plenty of money to pay the interest. As existing Treasuries are about to mature, print and sell more Treasuries for the same amount to retire the maturing ones. The national debt will remain the same without a default. newsandopinions dot net

In 2006, then-Senator Barack Obama inserted a speech into the Congressional Record decrying the increase in the debt ceiling that President Bush was asking for. It’s unfortunate that he didn’t actually deliver the speech, because it would have been a real stem-winder.

“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,” Obama said. “America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s...