Thread: Economics The Debt Ceiling Approacheth
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Old 01-06-2013, 05:56 PM   #46
alnorth alnorth is offline
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Quote:
Originally Posted by Direckshun View Post
Dug this up from 2011.

I continue to believe that, to protect their right flanks, the GOP absolutely cannot negotiate on anything other than complete Democratic capitulation. They must be willing to cut the baby in half and default on America's debt. Anything less leaves them vulnerable in 2014 primaries.
Obama has already ruled that out, and he did so very recently. Bill Clinton and Nancy Pelosi have both said they'd invoke the 14th amendment if they were president, but Obama has concluded that the 14th amendment does not allow him to ignore the debt ceiling. The trillion dollar coin idea also wont happen.

More than likely, when the treasury is no longer able to borrow, Obama will prioritize spending, paying debt service first to protect the credit rating as much as possible, then he'll beat the GOP over the head with the bully pulpit talking about all the poor people who have been cut off.
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