King,

there is NO chance of default unless Obama decides to,the math-as I pointed out several days ago shows the US can indeed pay the debt.They are using this as a scare tactic to further their liberal agenda !Stop spreading the lie.


from Moodys;

Contradicting the Obama administration, Moody's Investors Service says that hitting the debt limit shouldn't be confused with default. The Washington Post writes:

"In a memo being circulated on Capitol Hill Wednesday, Moody’s Investors Service offers 'answers to frequently asked questions' about the government shutdown, now in its second week, and the federal debt limit. President Obama has said that, unless Congress acts to raise the $16.7 trillion limit by next Thursday, the nation will be at risk of default.

"Not so, Moody’s says in the memo dated Oct. 7.

"'We believe the government would continue to pay interest and principal on its debt even in the event that the debt limit is not raised, leaving its creditworthiness intact,' the memo says. 'The debt limit restricts government expenditures to the amount of its incoming revenues; it does not prohibit the government from servicing its debt. There is no direct connection between the debt limit (actually the exhaustion of the Treasury’s extraordinary measures to raise funds) and a default.'"

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