Coburn Dismisses Debt Ceiling

Sen. Tom Coburn (R-OK) told CBS News there was “no such thing” as the debt ceiling and that if it is not raised the United States will not default on its debt.

Said Coburn: “There’s no such thing as a debt ceiling in this country because it’s never been not increased, and that’s why we’re $17 trillion in debt. And I would dispel the rumor that’s going around that you hear on every newscast that if we don’t raise the debt ceiling, we’ll default on our debt — we won’t. We’ll continue to pay our interest, we’ll continue to redeem bonds, and we’ll issue new bonds to replace those.”

Here’s the video: