Debt ceiling "default" is a myth

Posted August 3rd, 2011 by aoner1
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We’ve all heard the news over the past week; Members of congress and the worlds largest news organizations have been hammering the claim that “if the debt ceiling isn’t raised, the federal government will go into default and our credit rating will drop, resulting in through-the-roof taxes and economic armageddon throughout the world!”. Is this true or a myth? The answer is: it’s a myth. And its obvious right on it’s face.

what is sad is how many

2manyusernames 3 years 39 weeks 2 days 21 hours ago

what is sad is how many people believed the blatant lie that failing to increase our debt limit would cause us to default. I would so love for politicians to face severe penalties for lies. Think of it this way. You have a $1000 limit credit card. Your monthly payment is $35. You have charged $1000. The fact that the credit card company does or does not raise your limit so you can borrow more on the card has zero to do with your ability to make the monthly payment owed. Would it cause the government to spend money on things promised? Yes it would, but that is not what "default" means as a financial term.

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