Obama's Big Lie-There Won't Be Default Unless HE Ignores Constitution (We're Already Over Debt Limit)
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void. US Constitution, Amendment 14 Section 4The President is doing his best to frighten Americans and our creditors by claiming if the GOP does not capitulate to his demands and "cleanly" raise the debt ceiling we will default on our debt, damaging forever the full faith and credit of the United States. Simply put, that is a lie!
In fact we are already over the debt limit and the sky hasn't fallen. The present debt limit is $16.999 trillion. According to Treasury Direct, the Dept. of Treasury's website the US has already surpassed the debt limit by over $47 trillion.
If the October 17th deadline is passed without an increase in the debt ceiling it simply means the government can't borrow money and has to "live" on the tax revenue it takes in each month (about $250 billion). Interest on the federal debt runs about $20 billion each month leaving money left to run parts of the government.And that's what Jugears cannot abide - living within "his" means. As a good would-be Communist elite, he feels he's entitled to live like a king while the proles adore him from afar.