5 Responses to “Stop scaring people, Obama has to service existing debt, has no right to incur any more debt”

1. JC
   July 31st, 2011 @ 10:36 am

   That’s correct. It is referring to current debt which was authorized by law, not an in existing debt that hasn’t obviously been authorized.

   It is a shame these morons in Congress don’t understand simple English. I have only 10 years of English as a second language on my belt and I understood the clause clearly. I think they need to control their emotions as they are getting in the way of their rational thinking. They should all be fired.

2. Chum Lee
   July 31st, 2011 @ 11:09 am

   I dunno, but I do know that by law the Treasury holds the Social Security funds in treasury bonds, so if there is a default, the interest on the bonds will not be able to be paid.

3. Econmist
   July 31st, 2011 @ 12:13 pm

   It is not quite that simple. The debt ceiling ig being tied to passage of a budget. If the budget is not passed by Tuesday, there is not sufficient money in the fisc to pay the T-bills and interest that come due AND all the other obligations such as contracts, Social Security, military and civilian payroll. With a downgrade in the rating the Treasury will have to refinance at higher rates, making even less available for all orher obligations.

4. Carl Manning
   July 31st, 2011 @ 12:32 pm

   Since when is BRIBERY “authorized by law” when it is clearly indicated in the US Constitution that it is grounds for impeachment??? So much of the money diverted to Unions and Wall Street banks and stock firms was political payback for BRIBERY in Bush’s 700 billion dollar TARP and Obama’s 800 billion dollar Stimulus Package and so many of the other bailouts that were passed! All of us know that K-street “lobbying” in DC is just a modern-day euphemism for the un-Constitutional practice of BRIBERY! Let’s take a look at what happened right after Bush’s 700 billion dollar TARP passed. It passed on October 3rd, 2008. Immediately afterward, all of these Congressional and Senatorial whores in BOTH parties went back to their districts and States to campaign for the election in the following month of November. Thomas Woods points out in his book, “Meltdown”, that all of a sudden, $53,000,000 dollars found its way into the campaign coffers of both DemoCommie and Grand Ol’ Propaganda (GOP) Party whores. This money was traced directly back to Wall Street mega-banks and stock firms. I’m sure the Founding Fathers never meant for THEFT to be “authorized by law” as payback for BRIBERY.

5. LittleCat'sFeet
   July 31st, 2011 @ 7:18 pm

   Thank God for people like Carl Manning who help make complicated issues understandable. He must have a Ph.D. in economics. And probably political science, too.

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