“If congressional Republicans refuse to pay Americans’ bills on time, Social Security and veterans benefits will be delayed. We might not be able to pay our troops,” Obama said, ratcheting up the rhetoric over the looming deadline to raise the $16.4 trillion debt ceiling. “Investors around the world will ask if the United States is, in fact, a safe bet. Markets would go haywire. It would be a self-inflicted wound on the economy. It would slow down our growth.”
In his final news conference of his second term, the president added: “To even entertain this happening — the United States not paying its bills — is irresponsible. It’s absurd.”
Obama said he still wanted to reach a compromise to stabilize borrowing over the long-term but would not negotiate over the debt ceiling, which covers obligations that Congress has already made.
Once again, Obama (through his media) plays to the low-information voter.
The result of not agreeing to raise the debt limit would result in a partial government shutdown. As long as revenue (i.e., taxes) is still coming in, a shutdown would NOT cause mandatory obligations, like Social Security, like veterans' benefits, or even the interest on the debt, to be delayed. Certainly, many departments would be effected, either slowing down or temporarily shut down...but all the essentials would be covered, as they are obligated to be. The only obstacle to these payments is Obama's threat when he doesn't get what he wants.
Folks, this is not about America's ability to 'pay its bills on time'...it's all about paying for Obama's desired future spending. Just look at how he insists that 'we need more revenue' immediately after raising taxes at the beginning of the year. Raising the debt ceiling year after year after year is just another way to borrow more to spend...not to pay the bills.
