Debt. Aaargh. Limit. Aiiiiiieeeee. Default. Help! 14th Amendment. Oh noes!!! Or, not:
Much of the debt limit discussion is dishonest, like this statement from the Obama White House:
There are only two options to deal with the debt limit: Congress can pay its bills or it can fail to act and put the nation into default.
This is wrong: under the 14th Amendment, the US cannot default on its bond obligations, and there is no need to do so. Federal revenues are more than ample to pay interest on the $16.4 trillion national debt, and to pay off federal bonds as they mature. It is the other federal spending that will have to be cut if the debt ceiling isn’t raised.
This other spending? Well, you can guess what it would encompass.