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Dysfunctional Congress 'worse' than ever? - Jonathan Allen and John Bresnahan - POLITICO.com

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BishopX7/02/2011 2:21:10 pm PDT

re: #4 prononymous

That’s clearly not what I said. If you want to hear someone saying we shouldn’t raise the debit ceiling because the result will be better than if we do, look at what Limbaugh said about it. But if you want a quote that matches what I said than simply look at the article quoted above, it’s in bold.

In rogue’s defense there is nothing to indicate that there will be a default on Aug 2. After Aug 2 there will still be government revenues and there will still be government spending. There just won’t be enough revenue to cover all of the promised spending (stuff like debt service, social security and medicare). It’s an open question who gets paid in that case. Obama would have to decide between stopping (or reducing) social security and medicare payments or servicing the debt.