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St. James Plaindealer - St. James, MN
Here’s what would happen if the debt ceiling is breached
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By Pat Cunningham
Jan. 8, 2013 11:10 a.m.





My friend and fellow RRStar blogger Ted Biondo seems to think that the media are making too big a deal about the possibility that Congress might fail to raise the debt ceiling (see HERE).

Ted argues that if Congress refuses to act, President Obama, on his own, could “simply pay the principal and interest on government debt before paying other federal obligations.”

But, of course, that’s not as simple as it sounds.

Ezra Klein of The Washington Post describes the options available to the government — and the consequences — THUSLY:

The choices it will face quickly become ...

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