Peter Schiff : we should not raise the debt ceiling and cut spending instead

Peter Schiff On FXBIZ - 7/11/2011 :" the white house is putting out a smoke screen in here they are trying to create fear by saying that if we do not raise a debt ceiling it is gonna be a default , if the president really cared about our credit rating what he would say is under no circumstances would there be a default , if we do not raise the debt ceiling we will cut other spending we will make sure to honor our payments of interest in a timely manner , he does not care , he just trying to scare people so that we raise the debt ceiling , the best thing we can do for the American economy and for our bond holders is not to raise the debt ceiling and cut spending instead