With debate over whether or not to raise the nation’s debt limit raging, and liberals suggesting that not raising the debt cap would mean default on our national debt (because we can’t, you know, just cut spending), Senator Pat Toomey has introduced the Full Faith and Credit Act which would require that, should the debt cap not get raised, the US keep up interest payments on the national debt before engaging in any other sort of spending.
The left is apoplectic saying, among other things, that this is about “paying China first,” etc., etc.
But Senator Toomey’s legislation is exactly what’s needed. The Senator is actually a proponent of raising the national debt cap, tied with commitments to big spending decreases, but points out that if we don’t raise the debt cap our first priority should be servicing the national debt.
This isn’t about China or anything else other than being responsible with the national finances. If you find yourself in a mountain of debt, priority #1 should be paying off that debt. Or at least avoiding default.
It’s pretty said that something as common sense as that is considered controversial. But then, proposals to shrink the annual budget deficit to just $1 trillion is controversial right now, so maybe we shouldn’t be surprised.