You buy an expensive computer on credit and later think, “That cost too much, so I won’t pay.”
That’s what anyone who refuses to raise the US debt ceiling is saying.
They are confused.
They think that not raising the debt ceiling means not raising the credit limit. They are actually refusing to pay a debt we’ve already incurred.
If the US refuses to pay their debts for the first time in history, chaos will erupt.
No one will trust us anymore.
And instead of saving money, interest rates will rise, and we’ll end up spending even more. One-month Treasury bill rates are already spiking.
(And, just one week of government shutdown — another matter — cost us $1.6 billion. Yet the deficit-phobe GOP doesn’t care?)
Still, more than half of Republicans think the US can miss the debt-limit deadline without serious trouble.
Most likely, Read the rest of this entry