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Politics : Formerly About Advanced Micro Devices
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To: combjelly who wrote (613363)5/27/2011 1:58:22 PM
From: TimF  Read Replies (1) of 1578755
 
Not paying contractual obligations (primarily debt) equals default.

The US government has no contractual obligations, and no legal debt owed under the entitlement programs, or under most of the rest of the spending (there are contracts which require future spending, but they don't represent the majority of federal spending, and often they can be canceled for a payment lower, often much lower, then fully paying the contract).

The contractual obligations of the US government are far lower than the revenue of the US government. So again not raising the debt ceiling does not equal default.
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