United States debt ceiling - Wikipedia, the free encyclopedia

I accept your apology.

.

I apologize, you are not merely ignorant, you are more ignorant than we first imagined or could imagine.


http://www.etfguide.com/commentary/1095/Bond-Losses-at-Federal-Reserve-Top-$192-Billion/

And, as your captioned Wiki post stated, the obligations are "already incurred" by Congress, thus making them a political decision which may or may not be honored by that very same Congress thru an increase in the debt ceiling. No increase, no expenditures--they stop upon reaching the ceiling. Again, look up the SCOTUS decisions on whether an individual has any property rights to government payments, other than bond holders.

This is how the SSA terms the argument,

“There has been a temptation throughout the program’s history for some people to suppose that their FICA payroll taxes entitle them to a benefit in a legal, contractual sense.”


GF

And I accept the fact that you have the maturity level of a third grader who thinks he is "cool" in front of his friends.