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Levin on ‘Big Lie’ in DC: If Debt Ceiling Is Not Raised, US Will Not Default

By Michael Morris | August 25, 2017 | 2:45pm EDT
Nationally syndicated radio talk show host Mark Levin (Flickr Photo/Labeled for Reuse)

Nationally syndicated radio talk show host Mark Levin called out the media and politicians in Washington for promoting the “big lie” that failing to raise the debt ceiling in September will cause the U.S. to default, saying, the U.S. will not default.

“Stick with me on this. It’s very important, and I have to explain it every couple of years,” said Mark Levin. “So, the debt ceiling isn’t raised. There’s not a default. When Mitch McConnell says over and over and over again, and now Paul Ryan, parroting Mitch McConnell, says over and over and over again and the fraud that is the American media repeats the same thing, the American people begin to believe the big lie. It doesn’t even make any sense.”

Levin’s comments came after Senate Majority Leader Mitch McConnell said Monday, “There is zero chance, no chance we won’t raise the debt ceiling. No chance. America’s not going to default, and we’ll get the job done in conjunction with the Secretary of the Treasury.”

Below is a transcript of Levin’s remarks from his show Thursday:

“Folks, seems like every few years I have to do the same things because there is this propaganda that comes from the media and the Washington politicians and the parasites who feed off government spending and debt, that if we don’t raise the debt ceiling and raise it immediately, the government will default.

“Now what does it mean when the government defaults? How does the government default? What has to happen for the government to default? Anybody know?

“For the government to default, that means that the government does not pay its debt obligations.

“Under the 14th Amendment – stay with me on this – Section 4, it says, ‘The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. …’

“So first and foremost, the first penny the federal government receives is to go to paying down the debt, the principle and the interest. That’s at the front of the line, the principle and the interest.

“If the government fails to pay the principle and the interest, then it will default. Why would it fail to pay the principle and the interest when there’s plenty of money? Even if the government shuts down there’s hundreds of billions of dollars available still to pay the principle and the interest on the debt, that is, the debt service.

“It’s like states. If states fail to pay the principle and interest on their debt, they go bankrupt. They default.

“We’re not talking about that are we? We’re talking about funding government programs. So they talk about funding the government. No, no, no. There’s funding government programs, and then there’s paying the debt service: two different things – two different things.

“The 14th Amendment compels the federal government, first and foremost, to pay the debt service, that is the principle and the interest on the debt. It does not compel the federal government to spend enormous sums of money on domestic spending or what have you.

“Now, understand how this works. Come a date in September, they will tell us that we’ve run out of money, not only out of hard currency, real money, but we have borrowed and borrowed and borrowed and we can’t even borrow more money unless Congress raises the debt ceiling and authorizes itself to borrow more money.

“Now, why is it borrowing more money? Is it borrowing more money to pay the principle and interest on the debt? No! It’s borrowing more money to pay for Obamacare, to pay for infrastructure, to subsidize this group and that group, to pay grants to this group and that group, to redistribute wealth, and on and on and on.

“In other words, they’re not raising the debt ceiling to pay the principle and interest on our debt. There’s raising the debt ceiling to continue the profligate spending.

“Stick with me on this. It’s very important, and I have to explain it every couple of years. So, the debt ceiling isn’t raised. There’s not a default. When Mitch McConnell says over and over and over again and now Paul Ryan, parroting Mitch McConnell, says over and over and over again and the fraud that is the American media repeats the same thing, the American people begin to believe the big lie. It doesn’t even make any sense.

“New federal spending begins on October 1. New federal spending begins on October 1. If the debt ceiling isn’t raised, ladies and gentleman, it doesn’t in any respect endanger our ability to pay the principle and interest on the debt. That day will come, but it’s not here yet. The day will come, but it’s not here yet.

“They have hundreds and hundreds and hundreds of billions of dollars to pay the debt service. What they will not have is an open checkbook, an open-ended bank account to pay for massive government programs. That’s why they’re trying to scare the hell out of you.

“They don’t care about the federal debt. Have they showed any concern whatsoever about the federal debt? They do not want to deal with profligate, out of control, massive federal spending that’s driving up the debt. They don’t want to deal with it, and they sure as hell don’t want to deal with it in September. And they think it’s a political disaster if they actually have to start eliminating programs or cutting programs, eliminating departments or cutting agencies or eliminating them.

“That’s what they don’t want to do. It has nothing to do with paying to our debt service – zero!”

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