Democrats who think that the GOP will blink first on the debt ceiling issue had better proceed with caution. Senator Pat Toomey is on a full court press today with a rebuttal to the argument that refusing to raise the debt ceiling will result in catastrophe.
“You can’t hold hostage the debt ceiling vote, or you risk armageddon,” said Toomey, characterizing the position of the Obama administration.
Toomey disagrees.
“We can do so without jeopardizing the full faith and credit of our country—and we should,” he argues in an op-ed to the Wall Street Journal. Toomey calculates that government revenue is more than enough to cover America’s debt payments in the case of a stalemate.
“I intend to introduce legislation that would require the Treasury to make interest payments on our debt its first priority in the event that the debt ceiling is not raised. This would not only ensure the continued confidence of investors at home and abroad, but would enable us to have an honest debate about the consequences of our eventual decision about the debt ceiling,” wrote Toomey.
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