1. Welcome to Baptist Board, a friendly forum to discuss the Baptist Faith in a friendly surrounding.

    Your voice is missing! You will need to register to get access to all the features that our community has to offer.

    We hope to see you as a part of our community soon and God Bless!

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.

Top Posters
  1. Revmitchell

    Revmitchell Well-Known Member
    Site Supporter

    Joined:
    Feb 18, 2006
    Messages:
    52,013
    Likes Received:
    3,649
    Faith:
    Baptist
    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
     
    #1 Revmitchell, Oct 7, 2013
  2. thisnumbersdisconnected

    thisnumbersdisconnected New Member

    Joined:
    Apr 11, 2013
    Messages:
    8,448
    Likes Received:
    0
    Yeah, the Democrats are good at spreading fear and loathing.
     
    #2 thisnumbersdisconnected, Oct 7, 2013
  3. InTheLight

    InTheLight Well-Known Member
    Site Supporter

    Joined:
    Dec 17, 2010
    Messages:
    24,988
    Likes Received:
    2,268
    Faith:
    Baptist
    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.
     
    #3 InTheLight, Oct 7, 2013
(You must log in or sign up to post here.)
Loading...