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Geneseo Republic - Geneseo, IL
A blog 'for independent minds'
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Opinion page editor Rick Holmes and other writers blog about national politics and issues. Holmes & Co. is a Blog for Independent Minds, a place for a free-flowing discussion of policy, news and opinion. This blog is the online cousin of the Opinion ...
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Opinion page editor Rick Holmes and other writers blog about national politics and issues. Holmes & Co. is a Blog for Independent Minds, a place for a free-flowing discussion of policy, news and opinion. This blog is the online cousin of the Opinion section of the MetroWest Daily News in Framingham, Mass. As such, our focus starts there and spreads to include Massachusetts, the nation and the world. Since successful blogs create communities of readers and writers, we hope the \x34& Co.\x34 will also come to include you.
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By Rick Holmes
Oct. 15, 2013 11:15 a.m.



The problems with the argument Rob and others have been making that the government doesn’t have to default if the debt ceiling isn’t lifted ought to be so obvious we need not bother refuting it. But refute we must, which I do in a MWDN editorial today.

Just pay the bond holders and cut spending elsewhere, Rob says. But bonds aren’t the government’s only legal obligations. The guys building aircraft carriers, the surgeons operating on Medicare patients, the government retiree – all have contracts promising payments. The president is required by law to pay out money appropriated by congress.

If congress wants to cut spending, it can do so.  Crashing the economy isn’t the way to do it.

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