DEBT CEILING: The GAO Just Delivered A HUGE Win For The Debt Ceiling Hawks Read more: htt

[randomname]

We wanted to update you on a story we first wrote about yesterday... The buzz this week within the GOP conference surrounded a 1985 GAO ruling that said, essentially, that the Treasury did have the right to prioritize interest payments over domestic spending.
This is a key tenet of the debt ceiling hawks, who claim there's no risk in not raising the ceiling, because the Treasury has plenty of revenue to pay off bondholders and avoid default.
But there was some debate about whether the 26-year old ruling still applies due to some changes in the law since then.
Well, the GAO believes it does. We hear that the GAO sent a message to Congress that the 85 ruling still applies, and nothing has changed in the statues since then that would make it null and void. GAO attorneys signed off on it as well.
So within the GOP, this should be a shot in the arm to the hard right, now feeling fully confident that failure to raise the debt ceiling won't cause a crisis.

Read more: http://www.businessinsider.com/gao-s...#ixzz1M9aTmnJ8

[specsaregood]

Ron and Rand, correct again.

[Chester Copperpot]

thats good news...

anybody who doesnt want to cut the budget now can be shown to be someone who doesnt want to cut govt largesse.

This crap about needing to increase the debt to protect debt holders is completely off

[smartguy911]

This is great. Spread this article

[Bern]

Fiscal sanity now please. Ron Paul 2012

[georgiaboy]

Cymbals!

[AuH20]

The stakes just went up.

[anaconda]

How does the GAO still get to operate in this government? It seems surreal. Shouldn't it have been brandished a terrorist organization and been put under FEMA by now? GAO always seems to release information that undermines the agenda of the state. Can anyone explain this to me? Thank you.

[anaconda]

We wanted to update you on a story we first wrote about yesterday... The buzz this week within the GOP conference surrounded a 1985 GAO ruling that said, essentially, that the Treasury did have the right to prioritize interest payments over domestic spending.
This is a key tenet of the debt ceiling hawks, who claim there's no risk in not raising the ceiling, because the Treasury has plenty of revenue to pay off bondholders and avoid default.
But there was some debate about whether the 26-year old ruling still applies due to some changes in the law since then.
Well, the GAO believes it does. We hear that the GAO sent a message to Congress that the 85 ruling still applies, and nothing has changed in the statues since then that would make it null and void. GAO attorneys signed off on it as well.
So within the GOP, this should be a shot in the arm to the hard right, now feeling fully confident that failure to raise the debt ceiling won't cause a crisis.

Read more: http://www.businessinsider.com/gao-s...#ixzz1M9aTmnJ8

Send this to Rand's office.

[Romulus]

Surprised the whole GAO hasn't been replaced with one Czar by now..

[Napoleon's Shadow]