Bond default is a red herring. We will not default on our debt so long as tax revenues keep coming in. Until we reach the point of Greece where they are no longer sufficient to service our debt. Which WILL happen eventually if we stay on this path.
The only way we default now is if Obama CHOOSES to default.
He is capable of that surely. But I suspect he will abuse the Full Faith and Credit clause to make himself the hero and accrue more power for the Executive Branch.
Limbaugh: “The phone calls coming into the Republicans are 8 to 1 in favor of them standing their ground. The pressure is building up.”