Of course it won’t be paid.
You don’t just write a check for 15 trillion.
Oh yeah, and court ruled unconstitutional Obamacare is about 2 years away...
Should be fun.
The Federal government lives literally month to month - just like someone buried in credit card debt.
Someone who takes home $3,000 per month and has credit card debts of $40,000.
They pay the minimum payment and have diddly left over.
The only differnce between that and the Federal government, of course, is that the Federal government is borrowing another $1,000 every month, adding to their debt.
There is no bank account with a bunch of cash reserves. The Federal government literally has no supply of cash to see them through ANY halt in revenue OR borrowing.
We are entering a phase of pure money printing and headed towards imminent complete collapse.
The gig will be up when a tipping point is reached - when those who own Treasury debt start selling it.
I think within a few months we will see this start. Once it starts, Treasuries are shot. When other governments demand payment and will not buy new debt to roll it over, the U.S. dollar is shot, the U.S. government will lose all credibility and be unable to pay it’s bills.
Hopefully we can make it until the 2012 elections and a new President who outright promises extreme termination of Federal spending, i.e., almost a complete and permanent shutdown of Federal bureaucracy, could possibly allay the fears of the owners of U.S. Treasury debt.