I think I finally understand the mindset of the Tea Party Republicans in the House who don’t seem to be worried about a default by the U.S. on its obligations if the government’s debt ceiling isn’t raised today.
The Tea Party group loves to talk about low taxes, limited government and going back to the historical roots of the Constitution.
After we formed our new government in 1789 and became the United States of America, at least in name, we immediately defaulted on the debts left over from the Revolutionary War. Of course, those same debts had been defaulted on many times before, but that was under the Articles of Confederation.
Yeah, we just delayed the payment of interest on the debt until 1803 because we were the United States now.