1. August 2 is a phony deadline.Well, we already know this because this is at least the 3rd time the line has been drawn in the sand. It's getting old.
2. Reaching the debt limit is not the same as defaulting on our debt -- which would indeed be catastrophic.When the federal credit card gets maxed out, which it has, then the Treasury Secretary has the discretion to decide what gets paid and what does not. The disaster will be if Geithner decides not to pay our debt for the borrowed money, which would be a default. Pay the debt first and hold back payments to welfare queens and viola!
3. Legislating-by-Panic is no way to run a country.Well that one was obvious, and equivalent to this Animal House clip:
Flounder can do better with the national budget that our community organizer-in-chief could ever hope to do. The ReasonTV video:
