Skip to main content

British Burn the Capitol, 1814, a painting by Allyn Cox in the Hall of Capitols, a corridor in the House side of the United States Capitol. It depicts the burning of Washington during the War of 1812. Cox had been hired to finish the Brumidi frieze in the Capitol's rotunda, and later painted a large number of murals elsewhere in the building.

AP scoop:

CLAIMS US NEVER DEFAULTED ON DEBT FALL SHORT

You hear the same proud claim every time Washington wrestles with the debt limit: The United States has never defaulted. But the record's not that clean. America has stiffed creditors on at least two occasions.

Once, the young nation had a dramatic excuse: The Treasury was empty, the White House and Capitol were charred ruins, even the troops fighting the War of 1812 weren't getting paid.

A second time, in 1979, was a back-office glitch that ended up costing taxpayers billions of dollars. The Treasury Department blamed it on a crush of paperwork partly caused by lawmakers who — this will sound familiar — bickered too long before raising the nation's debt limit.

So President Obama says the U.S. has never defaulted on its debt, he's either lying or:
"He doesn't know his history," [Historian Don] Hickey said of the president. "It's that simple."
Ouch! But while the language around the default claim may sometimes be sloppy, AP (to its credit) notes that the essential point of the claim is actually correct:
And the narrow lapses of the past don't compare with the kind of turmoil Lew predicts would occur these days if Treasury couldn't borrow enough money to pay what it owes to all sorts of people, from overseas bondholders to retirees on Social Security.
In other words, when President Obama and members of his administration say the chaos that would result from breaching the debt limit would be unprecedented, they are right. Or, as Politifact would say, Pants on Fire.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site