, Columnist
Don't Blame the Computers for a Default
The U.S. isn't going to default on its obligations even if the debt ceiling isn't raised.
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The U.S. government would have us believe that it hasno ability to prioritize payments if Congress fails to raise the debt limit later this month.
In 2011 President Barack Obama and Treasury Secretary Tim Geithner used the same argument -- and the threat of default -- during debt-ceiling negotiations. "Default" was even redefined, for political purposes, to mean any missed payment, which is above and beyond what Standard & Poor's considers in assigning sovereign-credit ratings. Obama and Treasury Secretary Jack Lew are using the same playbook now.