What are we going to do on August 2, 2011?
We are going to do exactly what we did on August 1, 2011.
Perhaps we will have to direct Secretary Geithner to “handle” things somewhat differently. For one, he is — perhaps for the first time since Social Security was instituted — going to use Social Security payroll taxes to pay benefits and not purchase U.S. Treasuries. This is a good start for a new day.
Secondly, Secretary Geithner is going to have to “grow up” and be a big boy and understand that the illustrious 14th amendment does require him to service U.S. Treasury debt. The 14th however, does not give him the right to create “more” debt.
Oddly, the intransigence of Liberals (Democrats and one Socialist) will bring to pass the type federal cuts that Mr. Ryan proposed weeks ago.
Brilliant you are you Liberals.