Quote:
SEN. PAUL: I think it’s irresponsible of the president and his men to even talk about default. There is no reason for us to default. We bring in $250 billion in taxes every month, our interest payment is $20 billion. Tell me why we would ever default. We have legislation called the full faith and credit act and it tells the president, you must pay the interest on the debt. So this is a game. This is kind of like closing the World War II memorial. They all get out on TV and they say, we’re going to default. They’re the ones scaring the marketplace. We should never default.Comment:
You can service the debt and still have $230 billion a month to spend. That leaves plenty of money to spend on Social Security and Medicare. It is plenty to spend on national defense and the operation of the government. Vital services can still go on without any effect.
Sure, certain services would have to shut down. But this is not a big deal. There are shut downs over weather events. The world doesn't come to an end.
Still, there is a possibility that this President may refuse to service the debt and try to blame it on the GOP. If he does that, all bets should be off...
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