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 | Toomey calls their bluff Posted by Fred Bartlett on 1/21, 11:52am | |
| We are told that adults 'must' raise the US Federal government debt ceiling, or risk ruining the full faith and credit of the US Government, when we default on our debt. New Senator Pat Toomey (R-PA) says 'not so fast', and has announced his intent to introduce legislation which exposes that misnomer. Basically, his bill says make debt payments the highest priority. He shows how that is possible. He also shows what the consequences would be: Furloughed government workers, cut federal programs, sell-off of government assets. IOW, a reduction in the size of the federal government, no damage to the full faith and credit of the US Treasury, and beyond that, a renewed fiscal credibility. What the endlessly grow government at any cost folks claim would be a catastrophic destruction of US credit would in fact be a restoration of its credibility. A law that said, by law, creditors get paid first, even if the consequences is reduced spending and size of government. This is why this guy got elected. I hope he follows through with his intent to offer legislation, and I hope a spotlight is shed on its passage-- or failure to pass. Either one sheds much light on this issue. | ||
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