Colby Itkowitz’s tone in this piece seems to suggest she has finally figured out that Pat Toomey is completely wrong about the “payment prioritization” fantasy:
Sen. Pat Toomey is willing to call the White House’s bluff on default, which he admits would be catastrophic.
The Lehigh County Republican maintains the position he’s held since first arriving in the U.S. Senate: President Barack Obama exaggerates the damage of not raising the debt limit.
In Toomey’s estimation, there is enough revenue coming into the government to never have to default on debt obligations, a point he first began making in January 2011 ahead of the last debt limit deadline and one that has been adopted by many Republicans.
“[The White House's] suggestion that there is going to be a default on our debt, which would be catastrophic, is just not being honest,” Toomey said in an interview Tuesday. “There is no need for that to happen. … There’s zero chance that that would happen, yet they keep raising that specter.”
The mere threat of default roiled financial markets in 2011, and if the United States actually did fail to make its debt payments, almost everyone agrees the result would be devastating to the economy and could thrust the nation back into a recession, if not a depression.