President Barack Obama on Friday blasted House Republicans for suggesting that a failure to lift the debt ceiling wouldn’t carry negative consequences on the U.S. economy.
“Basically, America becomes a deadbeat,” Obama said at a rally in Liberty, Missouri. “If we don’t raise the debt ceiling, we’ll be deadbeats.”
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 said. “If we defaulted it was because the president chose to default, not because we ran out of money.”
