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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Biden can ignore the congress and just tell the world that the US will meet its obligations.

What recourse does the Congress have? It is constitutional to meet the faith and credit of the US on behalf of the Executive Branch.[/quote]

The House has already passed the bill to do this.  The ball is in the Senate's court along with Biden.[/quote]

You think anyone is buying this???

You passed a bill that holds the full faith and credit of the IS hostage to the insane demands of your base.  That’s all you did.  [/quote]

It does nothing of the sort.  Suppose nothing passed.  There is still revenue coming in.  This money is more than enough to pay interest on the national debt.

There is no default in play, but both sides enjoy pretending it is.  The only thing being held up is the ability of the executive to borrow MORE money.
There is no scenario, whether a deal is reached or not, that would produce a default on US debt.[/quote]

The law requires the government to make a lot of payments beyond interest on the debt.  Also, stopping all those payments would be catastrophic for the economy.[/quote]

However, that would not be defaulting on the debt as people on here claim.
The revenue coming in can cover much more than interest on the debt.  
I'm more worried about higher interest rates adding trillions in debt payments every year.  This is also catastrophic for the economy.[/quote]

Yes, it would be defaulting because there would not be enough money to both pay the debt and legally required payments.  There's no legal authority to stop making those other payments and just pay the debt, so they are just running through all the cash until there is nothing left to pay any of the bills.  This is what is happening right now.  They just got a big chunk of tax payments for the first quarter (although not as big as they thought).  Once they've run through that cash the gov won't be able to pay any bills, including the debt, because there will be no cash left at all.  That is default.[/quote]

+1 Any incurred obligation not paid is default.  And, by incurred obligation, it's making good on last year's budget.  Next year's budget, revenue and fiscal plan and whatever cuts you want is an entirely separate matter.

And, the Republicans need to stop throwing around glib slogans like "abolish the IRS and EPA" because it only exposes their ignorance.  Sure, abolish the EPA and then who enforces the Clean Water Act, Clean Air Act and everything else?  The government WILL immediately find itself being sued if it does not follow laws and statutes, and WILL lose.  And just try and go ahead trying to repeal those laws...   You'll be sure to drive the final stake through the GOP's heart doing it.
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