MEMO TO GOP: IF OBAMA WON’T COMPROMISE, DON’T RAISE THE DEBT CEILING

◼ The Democrats and their press minions have gone to great lengths to convince us that the default option–the debt limit stays where it is–is unthinkable. They say that if the debt ceiling is not raised, the U.S. government will default on its debt obligations, with catastrophic consequences. But this is false. - John Hinderaker/Powerline

...there is zero possibility of a default. The federal government is constitutionally required to pay its debt obligations, and can do so easily: it requires less than 10% of tax revenues to pay the interest on our nearly $17 trillion debt, and rollovers do not increase net indebtedness. So default is out of the question.

...Obama is bluffing. Republicans should call his bluff. If he will negotiate substantial spending reductions, then the House should agree to raise the debt ceiling. If not, Republicans should stand pat: the Democrats can’t raise the debt ceiling without them. Let the chips fall where they may. There will be no default, the sky won’t fall, and maybe we finally will bring wasteful government spending under control.

◼ WHO HAS THE UPPER HAND IN THE DEBT CEILING DISPUTE? - Paul Mirengoff/Powerline