Just thought I’d say that this morning, Boston TV news was saying that US default is inevitable on Oct 17 unless the Republicans raise the debt ceiling.
There is much dishonesty in that claim, but I’m quite sure it puts a smile on Obama’s face.
There are monthly revenues coming into the government (cash flow). Default to the creditor’s would occur because El Presidente would have refused to pay the bills FIRST over any other obligations the government would have, like paying non-productive workers. By not increasing the debt limit it forces the government to prioritize and would possibly force a reduction in the size and scope of the government workforce.
Exactly right. It’s like Donald Trump losing electricity because he didn’t pay the bill. Of course he COULD pay the bill, but it’s conceivable that Trump would decide NOT to pay the electruc bill, and this would result in no lights at his home. It could happen — but only if he made the choice and lets it happen.