Jack Balkin:
Obama has already told bond holders that there will be no default on bonds. He plans to use existing revenues to pay off interest on the debt and other vested obligations. This is required by section 4 of the Fourteenth Amendment. Whatever he says in public, his lawyers have almost certainly told him something like that.
But that means less money for other government services, including social safety net programs like Medicare.
So we'll see a partial government shutdown once the government runs out of other options.
http://balkin.blogspot.com/2011/07/obama-is-already-invoking-14th.htmlMore from the Great Orange Satan:
http://www.dailykos.com/story/2011/07/29/1000330/-Balkin:-There-will-be-no-default,-as-the-president-already-is-using-the-14th-Amendment?detail=hide&via=blog_1
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