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Many Lawmakers Don’t Believe U.S. Can Default

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Real Clear Politics: “The problem for Boehner — and, therefore, the president — is that a number of GOP lawmakers don’t believe the country will in fact default if the debt ceiling is not lifted; as a result, they insist they won’t likely be spooked into raising it.”

Said Rep. Steve King: “We need to go back and redefine ‘default.’ Default would be if you couldn’t pay the interest and couldn’t manage the principle on our national debt. And that’s not going to happen. The resources are there. The cash flow is easily there to pay the interest on our debt.”

Wonk Wire: We have no idea how the Treasury pays its bills.

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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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