Originally Posted by FD
With debt payments needing to regularly roll over, if Congress doesn't pass a bill slashing appropriations to meet revenue minus interest, and if they also don't approve a debt ceiling increase, then it is about paying it back. They are typically debating just the ceiling half, which means if they dont pass it we default on the debts we owe.
In a scenario where the debt ceiling hasn't been adequately increased, the executive branch can make debt service the top priority for available funds and avoid default.
"Well, it is one thing for Bill Clinton to say, I feel your pain. It is another thing for Barack Obama to say I feel your pain that I have caused." - George Will