that s right. the problem is the u.s. borrows so much money and then fights over whether to pay the bills they ve spent. i want to be clear here. if you don t raise the debt ceiling you re talking about not paying for what you have spent. new spending is something else. and some of the gop want to put spending restrictions on any kind of rise in the debt limit but if you don t raise the debt ceiling you have to decide which bills to pay. you could default on your debt. that is something that has never happened and can never happen. the reason is u.s. is the gold standard in the global financial system is because we pay our bills on time. or you delay payments to federal workers. you delay social security and veteran benefits. can you imagine a service you re giving an iou to a member of the military because you can t pay your bills? that s a weak position for the u.s. to be operating from. this is something that i feel like we always deal with. it s a perennial issue, we ve
now. once the u.s. hits the upper limit of what it could legal le borrow to run the government, the treasury department starts juggling with extraordinary measures. deferring investments into important retirement funds for example for public servants, various accounting moves could buy some time, and keep the bills paid until maybe june, june 5th is the date that the treasury secretary just gave congress. then come the hard decisions. choosing which bills are paid and who gets an iou instead. members of the military, social security recipients and what about paying interest on the u.s. debt. if congress defaults on its debt, it could rock the foundation of the global economy. american credit worthiness, borrowing costs would spike, stock markets would fall, millions of jobs will be lost. grave consequences that would stall the u.s. economy at best and risk a financial crisis around the world at worst. and in any case, it would add
but obamacare didn t fix anything why do you have to call someone many government to have a doctor crack open your chest? we don t like going to the dmv yowpghts someone to crack open your chest that the government is going to sanction or not. how about this? how about we fix this whole safety net thing just get people money and let them pick their doctrine in shorts crazy idea until you ask people. here s the last one to talk about. personalized social security accounts. you know i never got this. so we give our money over to the government for this government run retirement fund called social security. the government spent all of the money and flushed it down the toilet and has a bunch of iou and say eve a better idea how about you control your own money and instead of the government. you see liberals losing their minds wetting their diapers. i think i would rather control my own money. thanks. joining me now, is hoover institute senior fellow victor
left hates that tomorrow. but obamacare didn t fix anything why do you have to call someone many government to have a doctor crack open your chest? we don t like going to the dmv yowpghts someone to crack open your chest that the government is going to sanction or not. how about this? how about we fix this whole safety net thing just get people money and let them pick their doctrine in shorts crazy idea until you ask people. here s the last one to talk about. personalized social security accounts. you know i never got this. so we give our money over to the government for this government run retirement fund called social security. the government spent all of the money and flushed it down the toilet and has a bunch of iou and say eve a better idea how about you control your own money and instead of the government. you see liberals losing their minds wetting their diapers. i think i would rather control my own money. thanks. joining me now, is hoover institute senior fellow victor
left hates that tomorrow. but obamacare didn t fix anything why do you have to call someone many government to have a doctor crack open your chest? we don t like going to the dmv yowpghts someone to crack open your chest that the government is going to sanction or not. how about this? how about we fix this whole safety net thing just get people money and let them pick their doctrine in shorts crazy idea until you ask people. here s the last one to talk about. personalized social security accounts. you know i never got this. so we give our money over to the government for this government run retirement fund called social security. the government spent all of the money and flushed it down the toilet and has a bunch of iou and say eve a better idea how about you control your own money and instead of the government. you see liberals losing their minds wetting their diapers. i think i would rather control my own money. thanks. joining me now, is hoover institute senior fellow victor