Wongblog - "Lots of smart Republicans are terrified of the debt ceiling"

Rep. Scott Rigell (R-Va.): “Say, ‘Okay, let’s just walk through that.’ What we’re basically saying, then, is that we’re going to balance the federal budget not over time, but in a moment; in a day. So the next morning, what are we going to pay? Do you think we ought to pay the troops? Most people would say, ‘Oh, gosh, absolutely.’ Well, what about those receiving Medicare? ‘Well yeah, that needs to — we need to do that. They’re dependent on that.’ What about Social Security? ‘Well certainly, we earned that. We paid into that.’ And you just go down the line. Most folks, if you really walk through it, it’s not a good scenario.”

Sen. Susan Collins (R-Maine) “Senator Collins recognizes that the debt ceiling is going to have to be raised because the U.S. cannot default on its obligations to pay for spending that has already occurred.”

Glenn Hubbard, top economic adviser to both George W. Bush and Mitt Romney: “The debt ceiling must be raised — not doing so is irresponsible.”

Michael Gerson, The Washington Post: “Congressional Republicans are left with less influence than some apparently think. The debt ceiling is a form of leverage they can’t responsibly use.”