Even one of her staunch supporters William Kristol, editor of the conservative Weekly Standard, says such an idea is not only silly but irresponsible. “I've seen no plausible plan that would enable us to go "cold turkey" (to use her term) fast enough or dramatically enough that we could reduce the deficit to zero in a few months — which is what would be required if Congress were not to authorize an increase in the debt ceiling.”
Here is a quick review of some of the facts being ignored. For one thing, the government officially hit the federal debt limit on Monday, May 16. That forced the Treasury Department to make moves to avoid a default, like reducing government investments in two federal employee pension funds. For another thing, it is the Treasury Department that set an August 2 deadline to raise the country’s $14.3 trillion debt limit before the country risks defaulting on its debt obligations. For yet another thing still, although they don't admit it, every time Congress votes for a spending hike or a tax cut, lawmakers are agreeing to raise the debt ceiling whether they say so or not.
"Congress has already passed and the president has already signed legislation that increases spending or decreases revenues. Those decisions have already been made," said Susan Irving, director for federal budget issues at the Government Accountability Office. So arguing over the debt ceiling is like arguing over whether to pay the bills the country has already incurred. This is the United States. Its obligations will be paid. That is why they are called obligations.
The Treasury Department says, “Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit; 49 times under Republican presidents and 29 times under Democratic presidents. In the coming weeks, Congress must act to increase the debt limit. Congressional leaders in both parties have recognized that this is necessary.”