This should be repeated over and over again. The votes are there to impeach him.
But not convict him
There may or may not be enough votes in the Senate to remove him from office.
The Constitution mandates that the United States promptly pay it's debts so if the President chooses to default on our $20 billion per month debt, especially with $200 billion dollars per month in revenue, there certainly will be valid grounds for impeachment.
If things really get sideways, it might be a good thing for the idea of impeachment to be raised but there is virtually no way our Treasury will default on it's debt.
It's also hard to see Social Security checks not being delivered.
The real outcome here is going to be any and all budget cuts by the President will be targeted towards putting as much pain as possible on the middle class and doing it in such way as to point blame towards the Republicans.The economy is already slowing as the sugar high of the Stimulus spending wears off and Obama will try to blame this inevitable economic slow down on the Republicans and their fiscal polices
Of course, the Republicans are not blame here. There are going to be cuts, steep ones in fact, regardless of what budget deal is agreed upon because we are simply out of money and the rest of the world is losing interest in buying US Treasury Debt at effective negative interest rates when the US Government's spending is so out of control that default is inevitable in the near term future if spending is not brought back into control. But you can bet The Democrats will try to pin this on the Republicans and they are already posturing to do so