Monday, January 31, 2011

Pay China And Screw The Old Folks

Josh Marshall

This is a fascinating piece about a new GOP plan to avoid raising the debt ceiling. The idea is to pay the Chinese government -- and other foreign lenders -- first and withhold payments to Social Security beneficiaries and other obligations to US citizens.

If passed, Toomey's plan would require the government to cut large checks to foreign countries, and major financial institutions, before paying off its obligations to Social Security beneficiaries and other citizens owed money by the Treasury -- that is, if the U.S. hits its debt ceiling. [...]

The debt won't be all that hits the roof. Watch for a whole buncha gray haired and wrinkled 2d Amendment remedies.

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