Contrary to what many people are saying, when the national debt approaches the limit, it does not mean that the federal government suddenly won't be able to pay its bills. Default on such debt need not occur if Congress passes and the president signs a law directing the Treasury to sequence our spending and prioritize the payment of interest and principal on the debt, as well as other critical budget items. Simply guaranteeing that the government will pay its outside debts would not solve our fiscal crisis. But it would properly frame our fiscal challenge - as a choice not...
