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

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.