True or False: No matter what, we will not default

[NightWatcher]

Either a shitty bill will pass the House and the Senate will flake out and send it to Obama,

Or, Big O will pull the trigger and claim the 14th on Monday.

[Marr]

1. Of course we won't be allowed to defaut. It would be horrible for big business.

When was the last time the US government gave the finger to big business?

[johnd83]

2. I don't think it is a matter of rational decision making

it is a matter of stupidity at this point in the House.

[yodermon]

3. I voted true, because the Constitution prohibits Default.

The rest of the Government will be de-funded, though. If the funds in the treasury drop to levels such that we canNOT service the debt, then extraordinary measures would have to be taken by the Executive, since the Congress through their inaction, would be causing an unconstitutional state of affairs. Congress should actually be "impeached" at that point, since of course we'll have devolved to nonsensical assertions by then.

[pampango]

4. PBS Newshour explained that the government takes in $178 B and pays out $308 B monthly.

The amount to service interest payments on the debt was something like $40 billion.

As the constitution prohibits default, the funding of that $40 billion would come off the top of the $178 billion the treasury would have each month. Of course that doesn't leave much ($138 B) for everything else compared to the usual $268 B available after paying interest on the debt. The government could only pay about 50% of every other expense it usually pays.

(I'm probably not remembering the figures precisely, but they were in the neighborhood, IIRC.)

[liberal N proud]

5. The republicans and their teabagger coalition are so egotistical

I think they will take the country down to satisfy their own prejudice.

Machiavelli wrote the book for the GOP.

[NotThisTime]

6. We will default Constitution be damned/nt