Opinion: Tom Campbell: Key points to understand about the debt ceiling debate
Two points are overlooked in the current debate over the debt ceiling.
The Constitution requires the government to pay the principal and interest on its borrowing. After the Civil War, a question arose about whether the federal government would pay veterans of the war what it had promised. The federal government had sold bonds to provide those funds.
So, the talk about the U.S. becoming a Third World economic force with its bonds assuming junk status is hyperbole. What will result, however, is a constraint on federal government spending.
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