Keep this point in mind when HopeyChangey goes on national TV for the 14,589th time to tell Americans to eat their peas:
Be clear, the U.S. doesn’t have to default on its bonds. After Aug. 2, it still will collect taxes and other revenue exceeding $180 billion per month; and interest payments on the national debt eat up less than $30 billion. If the Treasury prioritizes expenditures — as the state of Minnesota did during its recent shutdown — it could pay interest on bonds, roll over bonds coming due, and pay Social Security recipients and many other obligations, but it would be late to many vendors until the debt ceiling was raised or new sources of cash were found.
We will only default of Obumble wants to create a political crisis (remember “Never let a cgood crisis go to waste?”) for his political advantage.