We are approaching it. It should hit sometime in September. Last time, maybe ten years ago, the newsies cried and wailed that the US was going to default on its debts. Not true. Never happened. The Federal government collects enough taxes to pay about 65% of its debts. The other 35% is paid be selling treasury bills (soundest investment on the planet). Last time my mail got delivered (the post office is nearly independent these days. They don’t do checks for Social Security any more, the computers do electronic funds transfer right into my checking account. I wasn’t due an income tax refund, so shutting down the IRS didn’t bother me.
They did furlough a lot of federal bureaucrats. Tough on them but my sympathy for bureaucrats is limited. Plus as I remember they all got their jobs back with back pay.
So the newsies, even the Fox newsies, are wailing on the air that we are going to default on our debts. Did not happen last time. The Party of More Free Stuff (Democrats) has proposed trillions of dollars of new pork spending. If the Republicans have the stones they should tell the Democrats, we won’t raise the debt ceiling just to pay for their pork.
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