7 Deadly Spins: A Guide to GOP Debt Ceiling Denial
The It’s-Just-a-Flesh-Wound Caucus: Some members of Congress contend that the Treasury Department can cushion Americans from the negative consequences of inaction on the debt ceiling simply by prioritizing the payment of bonds and entitlements. “I think paying interest on the debt has to be paid, I think paying Social Security payments have to be paid,” said Rep. Joe Barton (R-Texas). “I don’t think paying the secretary of energy’s travel expenses have to be paid 100 cents on the dollar. We’ve got more than enough cash flow, more than enough cash flow to pay interest on the public debt when it comes due and the House Republicans have passed a prioritization bill.” The problem: The Treasury says such a selective payment system would be logistically impossible, possibly illegal—and wouldn’t be enough to stave off a severe economic hit.