Five uncomfortable facts about the wonderful, horrible debt limit debate

posted by
July 10, 2011
by Nick Gillespie  
Posted in Commentary

"No less an authority than a Treasury Department fact sheet claims, 'If Congress fails to increase the debt limit, the government would default on its legal obligations.' This is simply not true. The two things are distinct, and it's unnerving as hell (though hardly surprising) that the government department in charge of minding the books either is wilfully misleading people or just out to lunch. When the debt limit is reached, that doesn't mean that the U.S. will default on its debt payments. Unless it chooses to. There's a huge difference between reaching your limit and not paying your bills." (07/08/11)  


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