The ‘Debt-Ceiling’ Fiction: Republican PAYMENT Ceiling is UnconstitutionalThere is no ceiling on the debt. The debt has already been incurred. Should August 2 come and go without Congressional action, then what Bachmann and other teabaggers like Jim DeMint suggest is that the US can keep paying the interest it owes on its debt (China), thus avoiding any default on that, while the US picks and chooses which other debts and obligations it will continue or cease to pay at its own discretion. Note to GOP ... which one of you chickenhawks is going to lecture our vets about shared sacrifice.
Article:
http://beeryblog.wordpress.com/2011/07/10/the-debt-ceiling-fiction-republican-payment-ceiling-is-unconstitutional/