I wasn’t particularly happy with the House Republican leadership on the recent “spending cuts” bill that actually raised spending. I don’t like being lied too.
Another lie being spread is that not raising it would force us to default on our Treasury bond obligations.
Not true!
We have hundreds of billions of dollars going through our system at any time. We have PLENTY of money to pay our bondholders and other guaranteed obligations (Social Security for instance). We just have to choose to do so. And we would have to choose who not to send money too.
Given Obama’s treatment of GM bondholders, perhaps he thinks screwing lenders is “normal” – but it isn’t.
So if you here that default is the issue… it isn’t. Not wanting to make choices about spending really is the heart of the matter.