I did not know this

Because really, government finance is mindbogglingly un-intuitive. But America  legally and literally cannot default on our debt as a nation. Not that I thought we were going to, because I assume anything the media brings up for us to panic about is horribly mangled and overly-simplified spin from one side or the other.

NBC: Very quickly before I let you go. As you well know, there is a debt ceiling vote on the horizon. Will Republicans let this country go into default?

SEN. PAUL: I think it’s irresponsible of the president and his men to even talk about default. There is no reason for us to default. We bring in $250 billion in taxes every month, our interest payment is $20 billion. Tell me why we would ever default. We have legislation called the full faith and credit act and it tells the president, you must pay the interest on the debt. So this is a game. This is kind of like closing the World War II memorial. They all get out on TV and they say, we’re going to default. They’re the ones scaring the marketplace. We should never default.

I’m still convinced that borrowing 2.7 BILLION dollars every day is excessive and maybe we could just do without some mid-level bureaucracy (OMG, I spelled it right first try) or possibly an aircraft carrier. Sorry mid-level bureaucrats or aircraft carrierists.


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