Mandeville, LA – Exclusive Transcript – Can I just be one of the few sane voices out here? The country is not going to default. It can’t default. It is not going to not make its interest payments. Besides, many of the interest payments are due to what entity? All this money, all the debt you’re hearing about that has to be repaid and whatnot, all of this is not going to China. Check out today’s transcript for the rest…
Begin Mike Church Show Transcript
Mike: Big story today is Boehner is ready to cave. This is coming from the New York Times today, probably reported late yesterday afternoon, “Boehner tells Republicans he won’t let the nation default.” Can I just be one of the few sane voices out here? The country is not going to default. It can’t default. It is not going to not make its interest payments. Besides, many of the interest payments are due to what entity? All this money, all the debt you’re hearing about that has to be repaid and whatnot, all of this is not going to China. The Chinese don’t own all of this debt. I know that’s the popular point of view. Last I checked, they owned about $3 trillion worth of it. They don’t own all the debt, yet we’re told they do. Much of the debt is owned by actual Americans and some of it is owned by the Federal Reserve itself. The idea here that we’re going to default and these nameless, faceless investors are going to take this huge hit is, I think, ridiculous.
If you have to appropriate the money to avoid the default, then Congress could then appropriate the money. Let’s just say the individual appropriations bills are going to come down in the same way that the other individual appropriations that have been making their way over to the Senate and the Senate is saying no, so it’s the Senate that is guilty of shutting the government down. The House is trying to fund things. I brought this up yesterday, and I’ll bring it up again in case you missed this. The way the House of Representin’ is sending appropriations bills over to the Senate is, in my humble estimation, the actual constitutional method that they are supposed to use.
You’ve got to remember, folks, the omnibus reconciliation acts of the past, these were all created by recent congresses. Prior to Congress creating the omnibus reconciliation, it’s just a lazy way to say we’ve got $3.7 trillion. Just put it in one giant package, up or down, yes or no. How do you think the line-item veto became an issue? How did the United States and Congress exist for a little over 200 years before anyone even dreamed the idea up of a line-item veto? Why was a line-item veto even necessary? I can flesh this out in a manner that everyone can understand it. Most of you have heard of this thing called a line-item veto. As a matter of fact, the Gingrich congress passed it. They passed it.
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