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News Link • Government Debt & Financing

Will The GOP Force The US To Default, And Cause A Global Depression?

• Businessinsider.com/
 
Last night after Rand Paul won in Kentucky, MSNBC commenter Larry O'Donnell warned that Paul himself could send the world into a global depression. How? O'Donnell worries that Paul will torpedo any effort to hike the debt ceiling, and thus cause an immediate default, causing a global depression. Even if he couldn't do it on his own, there's the fear that the GOP-controlled house could prevent the ceiling from being hiked, especially since Michael Steele, head of the RNC, has vowed "no compromise" on this issue. Anyway, normally this is a perfunctory issue, but with the debt being such a huge issue right now, this is one to watch. A vote will come some time in 2011.

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