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Religion & Law

: Constitutionally Correct

Heritage Foundation: No Debt Ceiling Raise Without Spending Cuts

By ADF Alliance Alert

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Heritage Foundation Morning Bell: His Treasury Secretary, Tim Geithner, sent a letter to Congress last week claiming that unless they raised the debt ceiling by ?the end of the first quarter of 2011,? the ?full faith and credit of the United States? would be ?called into question? and there would be ?catastrophic damage to the economy.? This is, of course, completely false. The United States government will not default on its debt. Federal taxes will still be collected by the Treasury, and the United States Constitution requires the government to pay interest and principal on the debt first. The creditworthiness of the U.S. is not in danger. Just look at history.

Full post as published by Constitutionally Correct on January 13, 2011 (boomark / email).

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