On Tuesday’s “Special Report,” Washington Post columnist George Will said the prospect of a government default has been exaggerated, because there is more than enough revenue to cover U.S. debt
payments.
Will’s comments came during discussion of a potential government default, which has gotten more attention as the U.S. federal government approaches the so-called debt ceiling on Wednesday night.
“The last time we faced cataclysm over this was when Standard & Poor’s lowered our credit rating, people said disaster,” Will said. “No, the cost of borrowing actually went down 40 percent. I don’t think the markets are as irrational as some of the people on Wall Street say. I repeat what I have said here before: Default is a choice — a choice in the sense that we have 10 times more revenue coming in than is needed to service our debt. We can continue to service our debt by not paying certain other vendors and certain other programs. We will only default if it is a choice. And, furthermore, the 14th Amendment empowering the president not at all, but the Congress entirely, says it is a constitutional requirement to pay, under the full faith and credit of the United States, our bonded debt.”
Via: Daily Caller say. I repeat what I have said here before: Default is a choice — a choice in the sense that we have 10 times more revenue coming in than is needed to service our debt. We can continue to service our debt by not paying certain other vendors and certain other programs. We will only default if it is a choice. And, furthermore, the 14th Amendment empowering the president not at all, but the Congress entirely, says it is a constitutional requirement to pay, under the full faith and credit of the United States, our bonded debt.”Continue Reading....
No comments:
Post a Comment