[maica]

We can’t go into default unless we choose to. We pay $415 billion a year in debt servicing costs, but we receive $2.7 trillion in revenue annually.
Nancy Pelosi says SS does not contribute to the deficit. We have $2.4 trillion in the SS Trust Fund. The Administration will have to admit that SS is an unfunded liability and that we need to borrow money to pay benefits.

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We know that. Crowley must also know that. Lew, today’s DEM parrot, is trusting that his soundbite will carry more weight with the (cough cough) news media than the truth.

[PaleoBob]

We can’t go into default unless we choose to. We pay $415 billion a year in debt servicing costs, but we receive $2.7 trillion in revenue annually.
Nancy Pelosi says SS does not contribute to the deficit. We have $2.4 trillion in the SS Trust Fund. The Administration will have to admit that SS is an unfunded liability and that we need to borrow money to pay benefits.

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That’s right. And only Obama can put us into default. But what is “default” when you are already $16 trillion in the hole? To me, this is really a matter of semantics and accountant-speak and not very meaningful. Default? I say, go ahead, make my day.