Hiking Debt Ceiling Bad News
Peter Schiff, political commentator for Yahoo!, insists that raising the debt ceiling would prove a devasting move for the government. “The reason we have to raise the debt ceiling is because we can’t pay our bills,” Schiff says. “If we could pay our bills, we wouldn’t have to borrow more money. Because we’re broke and can’t pay for anything, we have keep going deeper and deeper in debt until the world wakes up and realizes how broke we are, that we’re never going to pay anybody back and that everybody stops lending us money, and so the only buyer of treasury debt is the Federal Reserve, and that’s where the game ends.”
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