[PaleoBob]

We can’t go into default unless we choose to. We pay $415 billion a year in debt servicing costs, but we receive $2.7 trillion in revenue annually.
Nancy Pelosi says SS does not contribute to the deficit. We have $2.4 trillion in the SS Trust Fund. The Administration will have to admit that SS is an unfunded liability and that we need to borrow money to pay benefits.

---

That’s right. And only Obama can put us into default. But what is “default” when you are already $16 trillion in the hole? To me, this is really a matter of semantics and accountant-speak and not very meaningful. Default? I say, go ahead, make my day.

[Steven Tyler]

Their are no cash or liquid assets in the SS trust fund.
All benefit payments are made with incoming tax cash, or by printing money to cover IOU’s. All SS trust fund assets are IOU’s