Rep. John Fleming (R-LA) said Tuesday that “nothing happens” if Congress fails to raise the federal debt ceiling this fall.
“Technically, it’s not possible to default because there’s always enough revenue to cover the interest,” he told Politico on Tuesday. “If we defaulted it was because the president chose to default, not because we ran out of money.”
Asked about repercussions, in particular on Wall Street, Fleming said that both parties would be equally to blame.
“We all pay a price for that,” he added.
House GOP leaders announced Wednesday they plan to move forward with a conservative effort to defund Obamacare in a three-month continuing resolution to avert a government shutdown.
