An American technology businessman and political activist accused both Democrats and Republicans of not telling the truth about the looming US default.There is no risk of a default and both sides talking about a default are not telling the truth because there wont be one; theres more than enough money to pay the interest and therefore there will not be a default, Carl Denninger told Press TV.
President Barack Obama has been the target of a barrage of criticism from Republicans for refusing to negotiate over the US budget. The president, in his turn, has accused Republicans of 'extortion' and criticized the GOP for demanding ransom to reopen the government.
Republicans demand that Obama should negotiate on his health reform programs, Obamacare if he wants to end the government shutdown and avert a possible default.
What theyre talking about is the fact that if there was to be no increase in the debt ceiling, the government would have to balance its budget, Denninger said.
He blamed both parties for not balancing the US budget.
The Republicans have for the last 5-6 years said they want to balance the budget. In fact, this has been something that they (GOP) said they want to do going back to when Newt Gingrich was in power in the House of Representatives, but theyve never actually done it, he said.
The Democrats have never even bothered to pretended that they ever have to balance the budget, but they can just continue to spend whatever they want, he added.
The truth is that no one, no country and no government can get away with doing that forever. So my opinion is that they ought to go ahead and not raise the debt ceiling and force the budget to be balanced now. The screaming that would result will be extremely loud, but the fact is, thats the more responsible path.
By Press TV
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