Comment Re:They weren't thinking about it though (Score 1) 1239
Social Security has a pretty decent store of financial instruments that they can liquidate to keep making payments for months in the event of a government shutdown.
Besides that, though, servicing of the debt is around $30B per month, and the Treasury takes in revenues of over $170B per month. There's more than enough there to fund servicing of the debt, social security, medicare, paying military personnel, and a slew of other government functions.
Default on August 2nd was never even close to the problem. Our rating was cut because the fear is that our debt will be $25 trillion in ten years and is spiraling out of our control. Unlike Greece, no one will be big enough to bail us out. We will take the entire global economy with us.
We had a chance to show the world markets that we could make real cuts to our budget and deficit. Forces of the State didn't like that and instead chose to pass huge amounts of debt and looming disaster on to our descendants.