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.
“[Cruz] might not be the most fun to have a drink at the bar with, but America needs a designated driver.” - Mica Mosbacher, wife of the late Robert Mosbacher, Secretary of Commerce