DON'T GET TAKEN IN BY OBAMA RHETORIC - THE SKY IS NOT FALLING!

Bachmann Dismisses Debt Ceiling Warnings

Published May 01, 2011 | FoxNews.com

 

Rep. Michele Bachmann on Sunday disputed the claim that the country would go into default if Congress fails to raise the debt ceiling in the coming weeks.
The Minnesota Republican has been one of the most forceful voices on Capitol Hill against lifting the $14.3 trillion debt ceiling. The Obama administration has warned repeatedly that a failure to lift the cap would have dire economic consequences, potentially raising interest rates on the debt and interest rates on loans for everyday Americans while bringing the country's creditworthiness into serious question.
Bachmann, though, said she's not pushing for default. She said the Treasury Department should be able to rearrange its finances to make debt payments first.

"The music is about to end. This game is going to be over," Bachmann said on "Fox News Sunday" about the pace of spending in Washington.
Bachmann said she failed to see how once again raising the debt limit would show the world the country is more creditworthy.
"We can't live that way," she said.
Though the Treasury Department has said it can only hold off default for so long without a debt ceiling increase, Bachmann said: "That's not true." She said the government should be able to prioritize spending and avoid that outcome.
"Who's advocating defaulting? I'm not. Nobody's advocating defaulting," Bachmann said.
The conservative congresswoman is thought to harbor presidential aspirations. She said she'll announce her intentions in June.