“The only thing I was worried about is that Obama could threaten to choose to default and then try and make the American public believe the House GOP forced his hand in defaulting.”
OK. Let’s assume that happens. And I DON’T think it will. Dear leader defaults on the debt. We’re effectively in debt repudiation mode. At that point, the ability of the Federal government to borrow more is severely circumscribed regardless if it wants to. Net effect: lots of economic pain and an instant balanced budget.
Net effect if the debt ceiling crossed and dear leader chooses NOT to default: some economic pain due to an instant balanced budget.
I heard Hussein’s press conference today and now he is saying seniors risk not getting their social security checks. That is a new threat thrown in today. Make our seniors worry they will die without that money to buy food and medicine.