Debt Ceiling: Groping for Clarity

Americans may never understand what's at stake in the debt ceiling negotiations if government officials and the establishment media don't make an effort to be accurate. Their central message is that the United States will default if the debt ceiling isn't raised by August 2. In other words, the U.S. will default on its debt if it doesn't go further into debt. Really?  In the cover story on the Constitution for Time, Richard Stengel repeats the official line: "There are those in Congress and beyond who suggest that the U.S.'s not raising the debt ceiling and defaulting would be a lesson to a spendthrift government not to borrow more than it can repay." (Emphasis added.)   One corrective to the default position is Kevin Williamson, Exchequer at NRO, who writes: "Talk of a pending U.S. default is mostly irresponsible grandstanding."  Indeed, the 14th Amendment forbids default. And, unlike eurozone nations that have received bailouts, the U.S. has its own currency -- Greece...(Read Full Article)