Not raising the debt ceiling does not equal default. Run the numbers… You tell me.
[Update 2013-10-08 06:09:36] Here’s some of the exact numbers from the article. It works out better than I expected
Tax Income: $3.042 trillion
Debt Interest: $237 billion
Cash after paying Interest: $3.042 trillion – $237 billion = $2.805 trillion
The government can then pay:
Social Security (retirement and disability) – $848 billion
Medicare – $505 billion
Medicaid – $298 billion
Defense – $582 billion
Veterans – $83 billion
That leaves about $500 billion.
You are seriously going to sit there and tell me the rest of the government can’t slim down to run on $500 million million? Seriously?
[Update 2013-10-09 19:03:15] Looks like there’s some truth in this. Moody’s (the debt people) agree with this idea that a non-increase in the debt ceiling does not equal a default. And the liberals have taken to calling people like me “truthers” (as if the truth is a bad thing).
On another note, I was having a conversation with a person today. They said a large problem with this might be cash flow (not having enough tax receipts come in at the right time to make payments. If that is the problem, I wouldn’t have any issue with a “cash allowance” extension of the limit by perhaps $50million or so. Turns out, the House already has a bill like this that has passed (I can’t find the link I was reading earlier. When I find it, I’ll post it)
[Update 2013-10-09 19:12:51] Here’s the reference to the bill above. HR 807
[Update 2013-10-11 17:13:18] I’ve done some more thinking on this. I think we should impeach Obama right now. Why? Based on his reckless money policy of moving money around starting in May instead of notifying Congress and reducing spending immediately to only spend monies coming in.