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Politics : Actual left/right wing discussion
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To: TimF who wrote (9992)8/2/2011 4:36:54 PM
From: Lane31 Recommendation  Read Replies (1) of 10087
 
Default means not paying debt (or debt service) or contractual obligations.

You'll forgive me, I'm sure, if I give more weight to Webster's version. <g> Seriously, your definition is fine in a business framework. But it doesn't extend to governments because businesses, unlike governments, don't incur legal financial obligations by passing laws.

There is enough to pay all the "entitlement" spending, plus interest on the debt, and specific contractual requirements.

Specific contractual obligations? Reneging on some contractual obligations counts and not others?

As for having enough money, using the Post's calculator it would seem there isn't. They don't have it laid out quite that way, legal obligations vs other. It could be close but would likely not be enough. For example, even if we shut some Departments and leave them out of the calculation, we'd still be legally obliged to pay the rent. If you don't pay the rent, you're in default.
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