Obama Administration Misleading Americans Over National DefaultPosted: May 14, 2011
Most of those polled see through Bernanke’s and Geithner’s hysterics. As Sen. Pat Toomey, R-Pa., told MSNBC on Wednesday, “If we were never to raise the debt limit at all, the Treasury would still take in 70% of all the money they planned to spend in the form of tax revenue,” which is “more than 10 times the revenue needed to avoid a default.”
Toomey explained that while a partial government shutdown would occur if the debt ceiling were not raised, the catastrophe of a default wouldn’t take place.
This just goes to show the depths to which the Obama Administration will go. They are claiming that failing to raise the debt ceiling automatically means the US will Default on its debt obligations. This is just plain Bovine Excrement as Pat Toomey correctly points out.
Almost half of the American people oppose raising the debt ceiling, and rightly so. Just say NO to more debt.