Home -> Law Blog Directory -> Religion & Law Blogs -> Constitutionally Correct

Religion & Law

: Constitutionally Correct

Heritage Foundation: Bernanke Helps Defuse ?Default?

By ADF Alliance Alert

Heritage Foundation Morning Bell: To remove any possible doubt regarding ?the full faith and credit of the United States,? Senator Pat Toomey (R?PA) and Representative Tom McClintock (R?CA) have introduced the Full Faith and Credit Act, which would make the payment of interest on the debt the top priority. The Obama Administration quickly identified this legislation as a threat to their scare tactics and thus their big government spending plans, so Deputy Treasury Secretary Neil Wolan wrote a letter to Toomey claiming that any form of non-payment, be it to a retiree holding a U.S. savings bond or to the state of California to build its train to nowhere, ?would merely be default by another name? and ?would therefore bring about the same catastrophic economic consequences Secretary Geithner has warned against.?

Full post as published by Constitutionally Correct on February 10, 2011 (boomark / email).