[quote=FlyerInHi]I think the Tea Party is right. There will be no default on the debt. Treasury will make the interest payments but will not pay other obligations that come due.
There is a difference between defaulting on the debt and defaulting on obligations in general.
Not paying some bills will just be a rougher version of the shutdown.[/quote]
I don’t think that interpretation is consistent with the law. “Other obligations” could be all debts authorized by law. Payments for federal salaries, payments to contractors, possibly payments to states are all covered under the 14th amendment. The only expenditures specifically mentioned are pensions and costs related to what could be called today, domestic terrorism.
