The Right Coast

Editor: Thomas A. Smith
University of San Diego
School of Law

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Wednesday, October 9, 2013

Live updates: The shutdown

” We believe the government would continue to pay interest and principal on its debt even in the event that the debt limit is not raised, leaving its creditworthiness intact,” the memo says. “The debt limit restricts government expenditures to the amount of its incoming revenues; it does not prohibit the government from servicing its debt. There is no direct connection between the debt limit (actually the exhaustion of the Treasury’s extraordinary measures to raise funds) and a default.

via www.washingtonpost.com

Well, Moody's isn't exactly the gospel anymore, but still.

http://rightcoast.typepad.com/rightcoast/2013/10/live-updates-the-shutdown.html

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