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Congressman Nick Mulvaney cut his own slice. The wild theory is that even if the u. S. Breaches the debt ceiling the treasury could continue to prioritize certain payments including social security. Its a line of logic refuted by cannot mists and most people with a general understanding of the way things work. Last week the Treasury Department learned default would lead to the events of the magnitude of late 2008 or worse. Credit markets could freeze, the value of the dollar could plummet, u. S. Interest rates could skyrocket, negative could spill around the world. Cost in 20111 million jobs and 19 billion in borrowing costs. What do actual economists know about this stuff . Apparently a lot. Said former staff director of the budget committee, i donten any serious person who doesnt think this will be cataclysmic. Dont blame numbers crunchers saying default is a good thing ....
0 saying default is a good thing for the economy, according to the leadership, it is the democrats who are being reckless. by refusing to negotiate, harry reid and the president are putting our country on a pretty dangerous path. whether it s on the government s funding or the debt limit, people expect to have negotiations when there are two differing sides. the president is expected to make a statement at 2:00 p.m. in response to the latest overtures from the gop. joining me today washington bureau chief of mother jones david corrin, columnist for bloomberg view margaret carlson. also joining us from washington nbc news political director and chief white house correspondent chuck todd. chuck, as always, thank you for joining us. i want to go to you first in terms of this news that the president will be making a statement at 2:00 p.m. what that is about? is the white house concerned some talking points from the right that the white house refuses to negotiate is hurting the white ....