U.S. Won’t Default If Congress Fails to Raise Debt Ceiling

John McCormack at The Weekly Standard:

“Failure to raise the limit would precipitate a default by the United States,” wrote Treasury Secretary Timothy Geithner earlier this year. No, that’s not true, say Republicans. There’s enough federal revenue to pay the interest on the debt as well as fund the troops and entitlement programs.

Classic liberal fear mongering. This is on par with the false dichotomy presented by Obama when he suggested that we either fix the corporate jet tax “loophole” or tell kids they can’t go to college. ¹

“It all depends on what you mean by default. I don’t even want to get into the labeling contest,” BPC’s Jay Powell told me in an interview. “It is clear that there is enough cash coming in to let you pay interest on the debt. That is a true fact.”

If I recall correctly, The US Government pulls in about $200 billion in revenue every month. Surely we can service the debt with that. We might have to cut a few things, but aren’t spending cuts the only sustainable fix to this endless debt cycle we are in?