The below is a quote from this Wall Street Journal article (linked above) on the US Government’s calendar for payments due. Go read the whole thing as it’s quite interesting how there is no default coming on Oct 17. In fact, we don’t have a payment due till Oct 23 and it’s just $12B. The President know this, the members of Congress who shout about a default know this and many in the media know this. They have been lying for weeks about it.
“Oct. 31 is also the last date of CBO’s range for when the government would still have cash available to keep paying bills.” Per Wikipedia: “A default is the failure to pay back a loan.”
I guess it depends on whether you view Social Security payments as paying back a loan or not. Even if you do, there is money to cover these “loan repayments.” Either way, the $30B President Obama and Treasury say we have will last us till Oct 31 without missing any payments. In other words…….No default.
I wonder why this article doesn’t show receipts the government is taking in? It only talks about when payments are due. If the government brings in receipts to cover that Nov 1 payment, we can be good till Nov 14. Are the closed non-essential parts of the US government money generating departments? I have no idea. If so, I think they should be re-opened so they can start generating some money to pay for Nov 1.
Then, President Obama could finally take credit for having a balanced budget.