Lew told CNN\’s \”State of the Union\” show last Sunday \”there is no option preventing us from being in default if we don\’t have the cash to pay our bills.\”
No option? In reality, we have more than enough cash to pay our debts. Revenues flowing into federal coffers exceed our debt payments by nearly 12-to-1.
Sure, if we breached the debt ceiling, we would have to cut federal spending elsewhere and shut down some unnecessary functions of government — a kind of Super Sequester. But our debts would be paid.