Monday, August 12, 2013

Ted Yoho Wants the United States to Default

Florida Congressman Ted Yoho told people at a town hall meeting that credit agencies would love it if the federal government didn't raise the debt ceiling and defaulted.

I think the creditors that we owe money to around theworld would say, "you know what, they're getting their house in order." And I think our credit rating would do better, if we did that thanface the mass [sic] program we've beenup to ... There are severalof us that we'renot raising the debt ceiling; don't ask us. We don't have a money problem, we have a spending problem.

Enron and World Com were downgraded when it became apparent that these companies couldn't pay their bills. Foreign governments and banks are not going to want the United States to default and announce to the world that they aren't going to pay their debts. What Yoho is proposing is turning the United States into Greece or a banana republic. You can kiss the days of the United States being a world economic power goodbye.

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