…they would refuse to raise the national debt limit, which would stop all deficit spending immediately. According to Bloomberg: “The government is slated to hit the legal limit on borrowing, $14.3 trillion, early this year. Congress must agree to raise that ceiling or the U.S. could be forced to default on its obligations.” But that is not true. Congress would have to cut spending dramatically to prevent a default, though a default would be great too, as Murray Rothbard argued. Needless to say, the Republicans—minus Ron Paul—will vote to raise the debt limit. Talk otherwise is just a game.

The Best of Llewellyn H. Rockwell, Jr.