Obama's Default Drama - No Way To Run A Country

From Streettalk Off The Street
January 10, 2013 - 2:08pm

BLOOMBERG January 10, 2013 By: Caroline Baum The  United States of America  isn’t going to default on its debt, even if Congress doesn’t increase the  statutory borrowing authority  in the next couple of months. Everyone in  Washington  knows, or should know, this. Any assertions to the contrary are tantamount to -- perish the thought! -- playing politics with the debt ceiling. This is the second time in less than two years that the nation finds itself at this juncture, with Republicans in Congress threatening to hold the debt ceiling hostage. Some lawmakers are willing to shut down the government in order to pressure President  Barack Obama  to agree to spending cuts. A shutdown is certainly possible. A debt default? Not gonna happen. Why? Because the income taxes withheld from most of our paychecks each month exceed the interest the Treasury owes on its debt outstanding. In...

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