A better view on the debt for the NYT

The view from the NYT reflects the view in Washington, where the debt is not going to be paid.  Look at the politics in California where the Congressional debt payments come from.

We have a group of mayors going to Jerry Brown, threatening to force the state into a long court battle if does not restore development funds.  We have a group of Treasury officials going to California demanding we start funding Federal debt service.

We end up with Jerry Brown in the middle. Jerry is 72, WTF does he care? Just have Jerry write a personal $14 trillion dollar check if that is how business is going to be done.  That result is just as realistic as anything coming from either the mayors or Treasury.

The NYT metions  Harry Reid:

 Most, including the majority leader, Harry Reid of Nevada, favor a clean [ standard spend and borrow] measure.

No mention that Harry Reids's state pays a wopping 35 cent premium on Congress, only New Jersey pays more for Congress. But Nevada is broke, with unemployment in the upper teens and 70% of the housing underwater. There is no way that Nevada can remotely pay the share of debt service that Reid demands. Six months after Reid gets his spending program, Nevada real estate will collapse, just liike the last stimulus collapsed rents in LA and SF while raising them in DC.