by Personal Liberty News Desk
Representative Michele Bachmann (R-Minn.) said those warning of economic disaster if the debt ceiling is not raised are using “scare tactics.”
The Congresswoman, who recently announced her intention to seek the Republican nomination for the Presidency, said that if the United States paid down the interest on its debt, it could avoid defaulting on its obligations. However, Treasury Secretary Timothy Geithner told the House Small Business Committee that such a solution is “unworkable.”
Some government officials say that if the debt ceiling is not raised beyond its current standing at $14.3 trillion by Aug. 2, the economic consequences of an American default could be profound.