Larry Kudlow points out what everybody OUGHT to know, but doesn’t. That is, that all of this talk about “default” if the debt ceiling is not raised is just another of Obama’s grand deceits, sometimes called an abominable lie, and yet it is succeeding so well that even Republicans who understand the imperative to cease running up the nation’s credit card bill are using that language. The simple fact is that, unless Obama forces it, as he has with the unnecessary “pain” of the partial shutdown, there can be no default. Here’s Kudlow:
Earlier this year, House Republican Tom McClintock and 106 co-sponsors introduced the Full Faith and Credit Act, which would protect the payment, principal, and interest on U.S. Treasury securities, including those held by Social Security funds, even in the event that the federal debt reaches the statutory limit. In other words, by law, not default. Two years ago Senator Pat Toomey introduced similar legislation. And more recently, House Financial Services chairman Jeb Hensarling renewed the campaign for that bill. But Obama and the Democrats have always opposed it. And how bizarre is it that Obama opposes the one piece of legislation that would make it impossible for him or anybody else to make Treasury-default accusations?
And if Obama’s lies were just that, attempting to tar Republicans to “get his way” and continue his unconscionable deficit spending (that even HE said repeatedly was irresponsible), that would be one thing, but all of this gloom and doom is “talking down the market,” and worse! Failure to raise the debt ceiling may, in fact, be even less dangerous to our personal, national and world financial health than this entirely false Democrat doomsaying. Shameful!