Refusing to Raise the Debt Ceiling Would Not Cause a U.S. Default

In the Wall Street Journal, Sen. Pat Toomey lays to rest the sky-is-falling nonsense about how cutting up Uncle Sam's credit card would cause the U.S. to default on its debt obligations. As the Senator explains, revenue is about ten times the size of our debt service. The problem is that revenue -- even at an astronomical $2.5 trillion -- is only two-thirds the size of what Leviathan intends to spend because it is doing many more things than it should do, and because, even on those few things the federal government should do, it spends way too much money.

Sen. Toomey is proposing legislation that would ensure that what needn't happen -- a default -- won't happen. As John Hinderaker reports at Poweline, Governor Tim Pawlenty of Minnesota also has thoughts along those lines. And see Cato's Michael Tanner's observations here on the Corner.

Andrew C. McCarthy