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John Tate: Our nation has been in default for a long time - Campaign for Liberty: "By its very nature, raising the debt ceiling means acknowledging our inability to make good on the checks we’ve written. The only way to pay Peter is to hope Paul does us another solid."
"If the ceiling is not raised by October 17, and the federal government loses its borrowing authority, Lew noted, “we will be left to meet our country’s commitments with only the cash on hand and any incoming revenues.”"
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