The Corner

Toomey: ‘Zero Chance’ We Default

Pat Toomey shot down claims that the United States would default if Congress didn’t raise the debt limit by the October 17 deadline. The Pennsylvania senator accused the Obama administration of ginning up fear to better position itself in negotiations.

“First of all, there’s zero chance the U.S. government is going to default on its debt,” Toomey said on Morning Joe on Wednesday morning. He said it was “unfortunate that people have conflated this idea” that not raising the debt ceiling would automatically lead to default because the U.S. brings in twelve times as much revenue as it would take to pay the interest on the debt.

Toomey argued that the reason for the administration’s repeated claims is to “hold the specter of a catastrophe in front of Republicans to cow us and intimidate us into giving the president what he wants.”

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