Jack Kingston on InsiderAdvantage: Preventing Default Means Protecting Our Future

It’s currently behind the paywall at InsiderAdvantage, but will be public tomorrow:

In just over a week’s time, the federal government will once again reach its statutory debt limit. This will trigger what the Treasury Department terms as “extraordinary measures” to continue operating.

If past is precedent, the coming days will feature campaign-style speeches from President Obama saying that congressional Republicans are threatening default and economic calamity by refusing to give him a blank check.

There is something on which we can all agree: defaulting on the national debt would wreak havoc on our economy and have a lasting, negative impact on the future of this country.

It would almost certainly send us back into the throes of a recession and would send interest rates skyrocketing. As a result, the cost of servicing our national debt would begin to crowd out every other program.

The President’s threats, however, ignore the fact that only one person could decide to force America into default. That would be the President himself.