I don't understand why so many people are using the term "default" when discussing the debt ceiling. The only way there will be any default is if the President WANTS there to be a default. The fact is, the US government has enough money to service the massive US debt. Sure, there are some obligations that we will not be able to pay, like government agencies, etc. but there isn't going to be a default. Old people, soldiers, medicade will al get funded.
What is most shocking is that so many REALLY well read people that I know do not understand this or believe there will be a default.
Check out this video by former Clinton staffer Dick Morris. It is really cheesy but he explains why there will be no default. Do you believe what he is saying? If not, why not? Leave comments!