[parr]

Originally Posted by TracyCoxx

Jay Carney (White House press secretary) just said if we don't reach a deal by August 2nd, we will lose our borrowing authority.

Why is that? We do have enough money to pay the interest on the debt. If we don't do it, it's because the president and treasurer chose not to. And because Cut Cap and Balance got shot down in the senate, and congress won't come up with anything else sufficient, we're likely to get our credit rating downgraded.

But we will still be able to borrow, just at a higher rate. So why is the Carny lying?

TRACY, I KNOW I AM MISSING SOMETHING HERE BUT ARN'T WE TAKING
IN ENOUGH REVENUES TO COVER ALL THE EXPENSES, IF SO WHY ARE
WE BORROWING MONEY. JUST ASKING.