red states rule
06-01-2011, 03:50 PM
Correct me if I am wrong, but I fail to see the harm if the debt limit is not raised
The Dems and liberal media are saying the US would go into default if the debt limit is not raised, Now default means you fail to make payments as they are due
The US government will continue to collect taxes, and since the interest on the debt is about 8% of the total budget, those payments will be made
So what harm would happen to the nations credit rating?
The only harm I see if that the Federal government will have to live on what it takes in
Just like the rest of us have to do
The Dems and liberal media are saying the US would go into default if the debt limit is not raised, Now default means you fail to make payments as they are due
The US government will continue to collect taxes, and since the interest on the debt is about 8% of the total budget, those payments will be made
So what harm would happen to the nations credit rating?
The only harm I see if that the Federal government will have to live on what it takes in
Just like the rest of us have to do