Debt-Ceiling Myths | Michael D. Tanner | Cato Institute: Commentary

Debt-Ceiling Myths | Michael D. Tanner | Cato Institute: Commentary: "refusing to raise the debt limit does not mean defaulting on our debts. The U.S. Treasury currently takes in more than enough revenue to pay both the interest and the principal on the debts we currently owe."

"It is true that, once we had paid our debt-service bills, there wouldn't be enough money left over to pay for everything else the Obama administration wants to spend money on. The government would have to prioritize its expenditures — sending out checks for the troops' pay and Social Security first. Other spending would have to wait."