I don't think we WILL default, if only because doing so would be flatly unconstitutional (okay, maybe I'm being optimistic there).
14th Amendment, Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.
If push comes to shove, the President *can* make a unilateral decision overriding Congress on this issue. Of course, if he does, the Tea Party (which does not read the Constitution for all that they wave it around a lot) and the conservatives will be screaming "La Guillotine!"
no subject
14th Amendment, Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.
If push comes to shove, the President *can* make a unilateral decision overriding Congress on this issue. Of course, if he does, the Tea Party (which does not read the Constitution for all that they wave it around a lot) and the conservatives will be screaming "La Guillotine!"