your statement was they should trim back (not disney land etc) the prioritation of debts doesnt make them trim back expenses ti makes them order their expenses on which get paid and which do not when the money runs out. even with Prioritization SOMETHING will not get paid. and reguardless of what that something is, the market will see it as an inability to pay debts.
Believe what you want. I still believe they should be legally obligated to meet certain obligations first. Insufficient cash to fund pet programs is far different from failure to handle debt service and the markets know the difference. One is a solvency issue, the other a political problem.