All this talk about defaulting? What happened to the idea of passing some kind of law that requires the government to pay debt obligation payments first?

I think I heard that debt payments only amount to 10% of what comes into the government.

Will that not work?

Priority of payment bill is absolutely the right answer. TOO bad if some dont’ LIKE it.

The Dems and the left wing media (and some other media) are trying to spin this hard as sky-is falling and we cant do this - as predicted. Sky isn’t falling and we CAN do it.

This will be the rubber meets the road test for the GOP Congress to show who they are.

It will also further illuminate whether there is at least some media that has not become a 100% shill or bumbler for the left…..or not.

“…the United States Constitution requires the government to pay interest and principal on the debt first.” — AskHeritage.org

This attempt to create a panic over the debt ceiling is just another of Obama’s phony crises. According to askheritage.org:
“The creditworthiness of the U.S. is not in danger. Just look at history. In the fall of 1995 the federal government reached its $4.9 trillion debt ceiling. Congress refused to raise it. The world did not end.

“The Obama administration is creating a rushed atmosphere, but Members of Congress have time for full consideration and deliberation before making a decision on the debt limit and necessary spending cuts… Treasury’s traditional financial toolbox and revenue surges in April and June should delay the final moment of reckoning to mid-May and possibly as late as July. There is time to take the correct actions on behalf of the American people.

“The 112th Congress should remember these facts and refuse to be rushed by Obama Administration scare tactics on the debt ceiling issue.

“So what should conservatives in the 112th Congress do about the debt ceiling? They must demand real, immediate, and significant cuts to federal spending. Any increase in the debt ceiling should be accompanied by immediate, substantial spending reductions….We also need strong new rules such as hard spending caps to require continued, sharp spending reduction in future years—thus putting the budget squarely on a path to fiscal responsibility through lower spending, taxes, and borrowing. Any increase to the debt ceiling without both immediate and long-term spending cuts is completely unacceptable.”

http://www.askheritage.org/what-should-conservatives-do-about-the-debt-ceiling/

First in time, first in right?

1. Soros, 2. GE Corp, 3. All other cronies, 4. Everything else in random order.

1. Soros, 2. GE Corp, 3. All other cronies, 4. Everything else in random order.

Why can’t the debt ceiling be defined as a certain percentage of our GDP. As in once exceeded the debt must be paid off until the percentage of GDP is higher than the debt, THEN start borrowing again? That way when we experience economic downturns it halts damaging spending, as well as needless politically driven borrowing?

Good idea? Bad Idea?

The Treasury would never try to reduce the budget gap by failing to make payments on the debt, because if it did that the gap would become larger, not smaller, in view of the whole-world financial earthquake that a U.S. default would generate. Any Secretary of the Treasury will pay the interest and principal on the U.S. debt before, not after, all other expenses. His name would live in infamy if he did otherwise. Therefore, the legislation proposed by Sen. Toomey is superfluous. I wish he did spend his unquestionable talent on more productive initiatives, such as, for instance, a less insane energy policy.
Leonardo

Congress can send a huge message to the Obamunists by refusing to raise the debt ceiling and the people of America demand no less. It’s time to pay the piper. The spending party is OVER. Period.

A commenter at the Corner suggested that the GOP call the Democratic plan “Pay China More”.

I’m guessing that by tomorrow on Rush we’ll hear a montage of a few dozen MSM talking heads uttering “Pay China First”.

You have to consider the fact that we are dealing with the Obama Administraion which has a history of doing whatever it wants … the Constitution and consequences be damned. These idiots have to be giuded to the exact place they need to go and this legislation helps to do this.

The real fight needs to occur in debates on the Continuing Resolution which allows spending to continue at last fiscal year’s amount. Since that amount requires that $ 1.5 trillion be borrowed, which can’t happen if the debt ceiling isn’t raised, Republicans can produce a bridge budget lasting to the end of this fiscal year which would incorporate the spending cuts they want.

By May, we will know who has the brains and balls to lead this country.

won’t work in 2011. It worked in 1995 because the MSM was dominate, the was no Fox News, the Internet was text only with 14K baud modems and CompuServe, and the only voice to explain this stuff was coming from talk radio. There are too many information outlets now for the left to be able to get away with their false propaganda.

When they start their talking points based on what worked 15 years ago, like “They are taking away your Social Security and Medicare” or “They are shutting down the government.” The great majority of the people don’t believe it anymore.

We also need to make sure that Toomey’s bill is passed. After all what is our lenders going to do if we miss a few payments? reposes Wal-Mart!

If we took this approach at lest we would be able to start taking care of the business of rebuilding our economy without the influence of China.