Debt limit breach no big deal, some GOP lawmakers say

[TomCADem]

Source: USA Today

WASHINGTON — Republican lawmakers are voicing increasing skepticism about dire warnings that failing to raise the debt ceiling would result in catastrophic default.

"I would dispel the rumor that is going around that you hear on every newscast, that if we don't raise the debt ceiling, we will default on our debt," said Sen. Tom Coburn, R-Okla., Monday on CBS This Morning. "We won't. We'll continue to pay our interest."

Coburn and other Republicans argue that the Treasury Department could prioritize interest payments while delaying others. The House has passed a bill requiring the Treasury to do just that.

* * *
And Rep. Ted Yoho, R-Fla., even argues that reaching the debt limit could help the economy, by showing the world the U.S. is serious about its debt problem. "I think, personally, it would bring stability to the world markets," he told The Washington Post Monday.

Read more: http://www.usatoday.com/story/news/politics/2013/10/07/debt-limit-denial/2937087/

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This just underscores why Savannah Guthries' attack on Lew asking why the Obama administration is not willing to pay the ransom illustrates the heavy right wing bias in the media. How can you have any type of negotiation with folks who fundamentally incompetent to govern. You have members of Congress who seem to be trying to trigger a default because they think it will be a good thing. Thus, they thing that they are doing you a solid just by raising the debt ceiling to finance their tax cuts to the rich.

[wordpix]

1. but what do the Kochbros think?

I doubt they want their investments to go south as the stock market gets dragged down with the nation.

[quadrature]

2. debt sevice, $30B, , revenue, $200B

no need for a default

[TomCADem]

5. So, we are not in a budget deficit? Who knew?

Also, what about Medicare and Social Security? Salaries and benefits for federal workers and members of the military?

I doubt that any private company would last long if they just focused debt service, but decided to suddenly slash all other operations. That usually means that the company goes bankrupt.

[quadrature]

7. didn't say that.

default on debt, is not a certainty,

but obviously, some bills won't be paid,
if we get in 'debt-ceiling' problem

[TomCADem]

8. The Debt Ceiling Does Not Just Effect Debt Service...

...which appeared to be the point of your post comparing revenues to debt service. Or, were you trying to make another point?

[Turbineguy]

4. Well,

Last edited Tue Oct 8, 2013, 05:44 AM - Edit history (1)

the morons anyway....

These idiots do not understand the forces they are dealing with. That's what makes them so dangerous.

[rdking647]

6. show how little coburn understands about government

i wonder if hes ever heard of principla repayment

[blkmusclmachine]

10. America, Meet Bathtub.

[Thor_MN]

11. They want to experiment? Let them post a bond.

Make the GOP and Tea Party responsible for crashing the economy. They flap their lips on personal responsibility. GOP? Put up or shut up. Put your money where your mouth is.