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Coburn: US won't default on debt if we do not raise debt ceiling

Discussion in 'News & Current Events' started by Revmitchell, Oct 7, 2013.

  1. Revmitchell

    Revmitchell Well-Known Member

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    Sen. Tom Coburn (R-Okla.) said Monday that the country would not default on its debt if lawmakers failed to strike a deal to raise the debt ceiling.

    "I would dispel the rumor that is going around that you hear on every newscast that if we don't raise the debt ceiling, we will default on our debt," Coburn told CBS's "This Morning." "We won't."

    "We'll continue to pay our interest," Coburn continued. "We'll continue to redeem bonds, and we'll issue new bonds to replace those. So it's not entirely accurate."

    Read more: http://thehill.com/video/in-the-news/326899-coburn-us-wont-default-on-debt-#ixzz2h3XLDLKo
    Follow us: @thehill on Twitter | TheHill on Facebook
     
  2. thisnumbersdisconnected

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    Yeah, the Democrats are good at spreading fear and loathing.
     
  3. InTheLight

    InTheLight Well-Known Member

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    It is semantics. Technically, no, we won't default on our debts meaning we will be able to pay interest on bonds and redeem bonds and T-bills if we choose to. However, we will not be able to pay for everything since we spend about $9.8B a day and take in about $6.8B a day. About $1.1B per day goes to pay debt.
     
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