July 14, 2011
Reps. Michele Bachmann (R-Minn.), Steve King (R-Iowa) and Louie Gohmert (R-Texas) said Wednesday that President Barack Obama has been misleading the American people by saying that the United States would default if Congress does not vote to raise the debt ceiling by Aug. 2.
“This is a misnomer that I believe that the president and the treasury secretary have been trying to pass off on the American people, and it’s this: That if Congress fails to raise the debt ceiling by $2.5 trillion, that somehow the United States will go into default and we will lose the full faith and credit of the United States. That is simply not true,” Bachmann said at a news conference to introduce the PROMISES Act–a piece of legislation that would set spending priorities if Congress does not vote for a hike in the debt ceiling.
PROMISES stands for “Payment Reliability for Our Obligations to Military and Investors to Secure Essential Stability.”
The bill sets payments to the armed services as the first priority in case the debt ceiling is reached, and servicing the interest on the national debt as the second.
This article was posted: Thursday, July 14, 2011 at 3:32 am