Barack Obama is threatening that if Congress does not increase the $14.294 trillion national debt ceiling, the nation will default. In a letter to Congress, Obama’s Treasury Secretary, Timothy Geithner wrote, “Failure to raise the limit would precipitate a default by the United States.”
It is a rather curious formulation. Note that the Administration is not saying that if we continue to borrow trillions of dollars year on end without ever presenting a plan to repay the debt, we will default. But that if we do not continue borrowing, we cannot meet our obligations to creditors.
Call it the next big lie.
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