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Politics : Actual left/right wing discussion
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To: TimF who wrote (9968)7/29/2011 11:12:36 PM
From: Oeconomicus  Read Replies (1) of 10087
 
Agreed on the first part. Insisting that we will be in actual default on any obligation, not just Treasuries, come next Tuesday without a debt ceiling hike is ignorant blather. Or at least blather that assumes ignorance on the part of the public (which might not be a bad bet, BTW).

However, forcing Treasury and the WH to prioritize cash disbursements, shutting off the spigot to roughly 40% of federal spending, would be highly disruptive at best. And unfortunately, due to the short-sightedness of a couple dozen or so members of the House, the GOP is now positioned to shoulder the entire blame for it.
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