Zander
Platinum Member
- Sep 10, 2009
- 22,519
- 9,106
Not raising the debt limit would be the greatest thing to happen to this country since it's founding.
If the debt ceiling is not raised the government would not immediately go into default. Default is purely a political choice. Money still flows to the Treasury every day. As interest payments came due, the money would be there to pay them. As old debt was retired, new debt could be issued up to the current limit. What the Administration could not do is incur new debt, additional debt. They could not spend trillions of dollars more than they take in. An instant balanced budget would result.
If the debt ceiling is not raised the government would not immediately go into default. Default is purely a political choice. Money still flows to the Treasury every day. As interest payments came due, the money would be there to pay them. As old debt was retired, new debt could be issued up to the current limit. What the Administration could not do is incur new debt, additional debt. They could not spend trillions of dollars more than they take in. An instant balanced budget would result.