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Old 12-07-2012, 08:28 AM   #12
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Quote:
Originally Posted by patteeu View Post
Again, debt ceiling votes are specifically about borrowing money, not about paying it back.
With debt payments needing to regularly roll over, if Congress doesn't pass a bill slashing appropriations to meet revenue minus interest, and if they also don't approve a debt ceiling increase, then it is about paying it back. They are typically debating just the ceiling half, which means if they dont pass it we default on the debts we owe.
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