Monday, October 07, 2013

He Was Right in 2006 but Not in 2013


The U.S. Treasury takes in approximately $250 billion a month, which is 10 times what the monthly Treasury interest payments are on our debt. The United States will not default on its debt. The 14th Amendment (Sections 4 and 5) of the U.S. Constitution spells out that, as a nation, we must pay off our Treasury debts (interest) first, before we pay anything else.  So, we not only have sufficient revenue coming into the Treasury to pay the interest due but the 14th Amendment, which spells out what must be paid first. 

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