.MaddowBlog: Sen. Cruz plans to filibuster an extension of the debt ceiling. His rationale is based on a lie.
yesterday, the Texas Republican isn't backing away from his threat to crash the economy on purpose.
His comments on the debt ceiling capture the problem nicely. As Cruz surely knows, raising the debt ceiling allows the United States to pay its bills, not to clear the way for new spending. The process is about paying for the stuff Congress already bought in the past, not giving lawmakers approval to buy new stuff in the future.
If Cruz follows through on his gambit and his effort succeeds, the results would be catastrophic. As The Washington Post's Catherine Rampell explained in herThe government would have trouble paying Social Security checks, military salaries and all the creditors who'd previously lent money to Uncle Sam. A default would also violate the Constitution, which says 'the validity of the public debt of the United States ... shall not be questioned.
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