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.
"After voters re-elected an administration that added five trillion dollars to the nationís debt, left 23 million Americans unemployed, surrendered Iraq to Americaís enemy Iran, and enabled the Muslim Brotherhood to gain control of the largest country in the Middle East, the one lesson Republicans should agree on is that elections are driven by emotions, not reason." - David Horowitz