Will we really default if debt ceiling not raised?
Heritage president-elect Jim DeMint weighs in
- Duration 4:33
- Date Jan 16, 2013
Heritage president-elect Jim DeMint weighs in
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We spare no expense in our graphics department here because diver and other mainstream media learn all assaulting the Republicans -- putting us out of birds are defaulting a little misleading.
My next guest says that even if we pass the debt ceiling and refuse to to get it quite.
We can still pay their bills were not defaulting on and it.
The president elect of The Heritage Foundation former Republican senator from.
Parts -- -- South Carolina Jim -- you know it's sort of accepted as fact that we.
We don't raise this thing -- -- defaulting when the only way to do that is not to meet are -- -- bond obligations.
-- I think you know that's not true the federal government brings in 230.
Billion every month.
The interest on our debt is about nineteen billion we can pay our interest we can pay for Social Security Medicare Medicaid and our troops.
And still have some left over.
I'll certainly they're going to be things that we have to cut.
But we need to think about that anyway this this is a point in time where Americans need to decide that we don't want to be like Greece.
All right and if you don't do I think it was worth -- repeating senators that.
You don't default unless you don't make payments.
To creditors and like you said -- we got more than enough wiggle room to do that and to make good -- -- -- Social Security Medicare.
The defense with plenty of money left over now other tougher decision -- to be made about the excess spending of 40% over what we take yen but.
-- -- -- -- we default or become Greece instantly.
Is wrong it's a lot.
It is a lie and the president and some others in congress are trying to say.
If if we don't spend what we planned to spend and then we've defaulted in some way.
You know that's not true a lot of families have to cut back home what they plan to do a lot of businesses do as well.
We need to make some tough decisions about our spending.
The president said if he got his tax increase he would cut spending he needs to fulfill that promise.
But this is an important time for us to decide that we're -- -- make those hard decisions.
And cut spending and you've really got two choices -- -- we can balance the budget this year by not raising the debt limit.
Or we can do -- the Democrats way and never raise it at all.
Actually you're gonna hear conservatives present us a third option.
And that stood to put us on a path to balance over ten years.
We can do that without cutting any thing from what Americans are expecting.
That's what we need to do.
You know what bothers me the most is senators we will go of these elaborate hoops.
To avoid this thing like a trillion dollar coin news and a fourteenth -- -- -- -- -- the president sole discretion -- the residents -- -- on his -- Then address the underlying probably keeps creating spending why -- we do that.
What you're right the problem is not the debt ceiling or the debt limit the problem is our debt and the reason we have a legal limit on our debt.
Is because we know if we keep borrowing we're gonna hurt the country -- and everyone who lives here.
So I think the president is trying to scare people he's trying to distract from the main issue.
He said he was gonna cut the deficit -- half of these first year in office we've we've doubled it every year.
It's just time to make some hard decisions there's there's.
Nothing wrong with suggesting that all over the next ten years.
We stop borrowing from our children's future and we balance our budget we can do that I think most Americans will agree.
But you know you gotta wonder if the mainstream media says it's Republicans are being obstructionists.
If if they if they dare reject raising the debt ceiling even though no one of the mainstream media said that.
Other single Democrat when they were doing the same -- seven years ago including then senator Barack Obama.
Republicans are -- No matter what they did.
Well it's part of this tragedy of this administration on fiscal -- -- all kinds of issues as this to frighten people -- -- Frighten seniors so we need to do everything we can't reassure seniors with the truth.
That -- Social Security Medicare is gonna get paid unless the president is this completely irresponsible.
Our interest on our desk gonna get paid and frankly I think our credit rating is a nation is likely to stay where it is.
If we cut spending rather than just blow through another debt limit without making those hard decisions.
All right senator or as good seeing you thank you very much.
Get the good to say you know its Internet.