GOP congressman: Failing to raise debt limit wouldn't be big deal

Republican Congressman Phil Gingrey of Georgia says he'll vote against raising the debt limit because nothing bad will happen if we don't:

The country doesn?t go off a cliff [if debt ceiling not raised] because revenues come in, tax revenue, and we just simply prioritize. We pay the interest on the debt first, we make sure that seniors get their Social Security checks, and we honor Medicare. But when we get to discretionary spending, whether that?s the Department of Education as an example, or the Department of Commerce, then, all the sudden, we reach in the hat and we decide who [unintelligible].

So nothing bad will happen because we'll pay our creditors first, we'll make sure seniors get their share, and then we'll fight over whatever's left. Brilliant! Except that even if Gingrey is able to pull of the first two things (and that's a big if), the stuff that will be left over represents virtually every function of government, from the military to the FAA to FEMA to paying the companies it does business with.

If Republicans like Gingrey block an increase in the debt limit, the consequence will be that the Federal government will go into default on its obligations. In the short-term, the only question is who will be left holding the bag. But in the long-term, it will mean nobody in their right mind will trust the government of the United States to keep its word, dealing a severe blow to our position in the world.

Simply put, Phil Gingrey doesn't have a clue what he's talking about. Even the U.S. Chamber of Commerce is alarmed at this kind of talk, and they are now lobbying Republicans to step off the ledge. I just hope they realize that the guys they are trying to talk off the ledge are the same guys that they put into office in the first place.

Source: http://feeds.dailykos.com/~r/dailykos/index/~3/6HounDoxjaY/-GOP-congressman:-Failing-to-raise-debt-limit-wouldnt-be-big-deal

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