Democrats Peddle Pending-Default Lies, Yet Again

Federal Reserve, Public domain, via Wikimedia Commons

NEW YORKJanet Yellen should stop lying to the American people.

The Treasury secretary wrote House Speaker Nancy Pelosi (D – California) on Tuesday and oozed dishonesty.

Yellen cited “scenarios in which Treasury would be left with insufficient remaining resources to continue to finance the operations of the U.S. government beyond” December 15. Yellen then begged for what the Big Government Left craves like junkies coveting syringes. “To ensure the full faith and credit of the United States, it is critical that Congress raise or suspend the debt limit as soon as possible.”

More federal debt! Just what America needs as red ink reaches nearly $29 trillion.

Yellen’s lies are also cliches. “Everybody knows” that tight Treasury revenues mean pending default. The Left’s incessantly screamed rubbish has become received wisdom.

And yet it is completely bogus.

According to Yellen’s very own Monthly Treasury Statement, Fiscal Year 2021 federal receipts totaled $4.046 trillion. Net-interest payments equaled $352.3 billion. Revenues outran debt-service obligations by $3.694 trillion or 1,048 percent. 

In short, taxpayers handed Treasury more than 10 times the money needed to pay interest on U.S. bonds and, thus, avoid an Argentine-flavored default. Like monthly MasterCard payments, one need not disburse the entire balance to prevent default. Monthly-minimum payments keep everyone happy. 

Similarly, Treasury need not fund the whole national debt in one month. If Treasury keeps its monthly debt promises, markets smile.

Treasury’s “nearest miss” in FY 2021 came in August: Washington collected $268.4 billion, more than five times beyond that month’s $41.8 billion in interest.

Thankfully, a dozen Republican senators offer a way to neutralize Democrats’ “default is just around the corner” lies.

Pat Toomey of Pennsylvania, Rick Scott of Florida, and 10 co-sponsors have introduced the Full Faith and Credit Act. FFCA would require that Treasury pay interest and other key items first, before purchasing luxuries (e.g., $450,000 in psychological-trauma reparations per individual illegal alien), much like paying rent and credit-card bills before buying Prosecco and ski-lift tickets.

“Washington spending is out of control, with Democrats wanting to add trillions more to our growing debt,” said Senator Ron Johnson (R – Wisconsin). “Inflation is wiping out wage gains, and Democrats want to suspend the debt ceiling without enacting any fiscal controls. I’m happy to co-sponsor Sen. Scott and Sen. Toomey’s Full Faith and Credit Act that ensures the federal government does not default on its debt and would prioritize spending to protect the men and women in our military and those reliant on Social Security, Medicare, and veteran benefits.”

Republicans should insist on an immediate rollcall vote on FFCA.

If it fails, Senate Democrat Leader Chuck Schumer of New York surely will insist on hiking the debt limit. If he asks Senate GOP Chief Mitch McConnell to help, the Kentuckian should tell Schumer to pound egg creams. Schumer, united Democrats, and a tie-breaking Vice President Kamala Harris can make this happen. McConnell owes Schumer less than nothing.

McConnell infuriated conservatives on October 7 when he and 10 other Republicans helped Schumer extend the debt limit by $480 billion through December 3. McConnell, at least publicly, got bupkis for this complete surrender, although some claim that McConnell sacrificed these debt-limit votes to protect the filibuster.

Even worse, after McConnell & Co. concluded their backstabbing, Schumer lacked the grace to thank them for doing so. Instead, Schumer donned his brass knuckles and went full-Joe Pesci on the hapless McConnell.

“Despite immense opposition from Leader McConnell and the Members of his conference,” Schumer said, “our caucus held together, and we pulled our country back from the cliff’s edge that Republicans tried to push us over.”

McConnell should demand an FFCA vote and let Schumer and his comrades boost the debt limit. Republicans should spend the next month telling Americans the truth about Democrats’ Big Lie: Washington has abundant revenue to pay federal creditors. Default is as necessary and likely as a visit from Sasquatch.

Deroy Murdock is a Manhattan-based Fox News Contributor, a contributing editor with National Review Online, and a senior fellow with the London Center for Policy Research.

The opinions expressed by columnists are their own and do not necessarily represent the views of

Deroy Murdock is a Manhattan-based Fox News Contributor, a contributing editor with National Review Online, and a senior fellow with the London Center for Policy Research.

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  1. Look, anyone that has one little ounce of brain matter is aware that these Democraps lie if they are breathing. I do not believe one word of their BS.

    1. They can start with reducing their own salaries which some years ago they voted to get an automatic one unless they vote it down. How screwy is that?
      Then they can reduce taxes for small businesses and reduce handouts to those who don’t want to work.

  2. All these dems/COMMUNIST LIE, every day, and EVERYTIME they open their mouths!!! They’re still condemning Rittenhouse, NEWS FLASH, HE WAS NOT GUILTY!!! The miserable dems/COMMUNISTS need to worry about our ECONOMY, the price of food, gas everything is going up, forget heating oil this winter, what about the lousy actions as far as illegals?? They need to take care of AMERICANS (but, they won’t) they HATE AMERICA AND AMERICANS!!! That’s why they’re going to lose in 2022 & 2024!!! And nadler, how about getting the doj to investigate crackhead hunter, and “the big guy” how about the MURDER OF ASHLI BABBETT??? There’s so much wrong in AMERICA now, how about let Rittenhouse live his life and start doing something productive for the AMERICAN PATRIOTS!!! NO MORE BS, START HELPING PEOPLE, YOU KNOW, LIKE biden says he’s for ALL AMERICANS AND WILL UNITE US, WELL, WHERE’S THE HELP, WHERE’S THE OUTRAGE FOR REAL JUSTICE ??? biden is a LIAR, HE’S DECEITFUL, HE’S NOT TRUE TO HIS WORD, HE’S A COMPLETE FAILURE!!!


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