The Constitution of the United States of America, Amendment XIV, Section 4
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
Once again, the excessive spending performed by the Federal government brings our nation to the end of the debt limit, which was written and passed into law the last time the excessive spending brought us to the end of the debt limit. This is an endless cycle of our Federal politicians demonstrating their gamesmanship over the funding of the government, with arguments over this program and that, the fraudulent whoops of victory whenever spending cuts are made … because there never are any spending cuts, no minuses in spending, only decreases in proposed future increases that have yet to occur.
These last weeks, due to the stand-off on funding, less than 20% of Federal government is functioning. President Obama and his Democratic cohorts in Congress have been pounding the “We risk the first-ever default” line, threatening the stability of the financial markets and worse, the full faith and credit of the United States of America. These threats are all fraud, the same type they propound with their cries of “slash and burn” when conservatives manage to get some manner of control of the spending problem.
The only way the United States of America can default on its debt obligation is intentional, which would be a violation of the Constitution as I note above. The president is required to direct his Secretary of the Treasury to pay the debt service required, which as of today the monthly service amount is $32,110,000,000 (average for the past 6 months). Even though some functions of government are not in operation at the moment, tax collection is not one of them. Tax receipts to the tune of more than $220 billion flow into the national coffers each and every month, obviously more than required to pay the service on the National Debt–so the notion that default is even possible is a fallacy.
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