There is a difference between strategic or technical default and default where you really don't have the economy to support the spending. We are not at that point yet. We could be. We could be, like some European nations.

But I think the global economy will understand that the United States has the ability to meet its obligations. But it's not going to be able to do it over the long term if we can't control the growth of government.

Most of the major increases in the debt ceiling have been accompanied by structural changes in the way we raise and spend money.

Charles Bass Quotes