re: #52 Dangerman (sigh…only in America)

It’s all very complex, which is why I posted that video.

Not raising the debt limit will have widespread negative consequences.

But the Treasury, as directed by Biden, will have to prioritize the spending of money that comes in as revenues to the Treasury.

The question is this: will repaying bonds/notes/bills be prioritized or will they be put at the bottom.

Required by law payments will come first, so entitlements and SS and retirement is likely near the top if not at the top.

Then will come defense spending.

Other departments may be put on holidays.

But again the question is how high to prioritize the debt instruments.

All this is moot now that McCarthy bowed to Biden (and I think we should use that word “bowed” as much as possible to trigger the right-wing nuts.)