Heed words of warning on defaulting on debt

info@islandpacket.comOctober 3, 2013 

I am amazed that our neighbors, who demand strict adherence to the Constitution, are not adhering to the 14th Amendment, Section 4, which requires the U.S. to honor its debts.

The extreme ideology that congressional tea party representatives demand -- that this amendment be subject to debt reduction provisions despite the fact the debt ceiling has been raised 78 times (17 times by President Ronald Reagan) -- is contrary to the explicit requirement of the amendment. They want our great nation to be deadbeats for debts we already incurred and are obligated to pay. Such demands will bring America to the edge of default and cause worldwide chaos.

We must heed the words of President Barack Obama: "The full consequence of default -- or even the serious prospect of default -- by the U.S. is impossible to predict and awesome to contemplate."

He also said, "Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds ... Interest markets would skyrocket, instability would occur in financial markets and the federal deficit would soar. The U.S. has a special responsibility to itself and the world to meet its obligations."

Oops, I made a mistake. It wasn't Obama who made those statements. It was Reagan in 1983 and 1987.

Paul Russo


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