Analyst's note: If our family budget were so represented around our kitchen tables, someone would be perceived at best as fibbing and trying to pull the wool over someone's eyes. Please read the original article and think about it ..... your personal future depends on your understanding these issues. Also read White House tells Paul Ryan it won’t meet budget deadline and note that is so doing, the White House is AGAIN breaking the law. Is anyone actually awake in Congress?
President Obama referred repeatedly to the debt ceiling debate in today’s press conference in a textbook example of Washington “spin,” or the art of selectively ignoring certain facts while portraying others in a particular light.
But the debt ceiling debate is about much more than just paying bills—there are facts the President omitted.
[....] The President also emphasized what he believes is his trump card in this debate – the word “default.” He’s absolutely right that the Congress should not and ultimately will not risk the credit standing of the United States government. But this assurance rests not on congressional action to raise the debt ceiling, but on the simple fact that the Treasury has far more than enough funds to pay all interest as it comes due.
Suggesting that the United States might default on its debt is factually wrong and shameful behavior on the President’s part.