When your liberal friends, or even your less-informed Republican friends start yapping about the imperative to hike the debt limit, have them read this. It’s John Hinderaker, and it points out that the government doesn’t constitutionally have the option to default:
So what will actually happen if Congress doesn’t increase the debt ceiling by approximately October 17? The government’s debt obligations will be paid, but reductions in other spending will start to become necessary. In effect, leaving the debt ceiling as is would function as a spending cut. This is why the Democrats hate the idea so much. They know there is zero chance of default, but they are horrified at the prospect that voters and taxpayers may find out that there is a relatively simple way to bring about spending reductions that would create, in effect, a balanced budget. Hence the hysteria.
And hence the ratcheting rhetoric.
Look for a racial angle any day now.