"The actual facts, courtesy James Pethokoukis: “Social Security payments Treasury needs to make on Aug 3. $22 billion. Treasury cash balance on Aug. 3: $74 billion.”"

So we can afford to make three SS payments past the deadline and then are flat broke? Yeah that's rally no better. You're quibbling over when exactly we have to stop paying our obligations instead of focusing on the fact that we can't make them unless the debt ceiling is raised.

The FED can use the printing press. Not the Treasury. Furthermore, the Fed cannot simply loan the newly-printed money to the Treasury, since that would be... more... debt.

This story has been out a couple of hours now, and no candidate has taken the opportunity to confront Obama - and call for his resignation.

Then ask Biden if he could guarantee checks. If not, ask Boehner. Eventually someone down the line will reassure the public that it has been lied to - and not to worry.

Don't forget there is money coming in each month from tax collections. It is not a static situation, although the President is full of .... static.

How about if he said, "Yes, I have overspent so much that we can't pay it all. But if we cut back on other things, so we can still make SS payments."

It would have been honest. Both parts.

There's only one problem with all the people jumping all over Obama about this issue. Mitch McConnell said the same thing today:

"If we are unable to come together, we think it is extremely important the country reassure the markets that default is not an option and reassure Social Security recipients and military veterans that default is not an option."

Sounds to me like they agree that a default would impact Social Security recipients, wouldn't you say? Only nobody's loudly accusing McConnell of craven fear-mongering for saying it..

You seem to be confused. Congress does indeed have the power of the purse. It used that power of the purse to order 44% more spent than we take in as taxes.

If the debt ceiling is not raised, there will literally not be money in the treasury to pay 44% of all bills. There is no law that states which 44% won't be paid, but no matter what, 44% of bills that Congress ORDERED paid will not be paid (due to absent borrowing authority).

So Obama will either not pay the 44% (which you claim is an impeachable offense), or he will ignore the debt ceiling to borrow the 44% and pay it (which I presume you claim is an impeachable offense). So no matter what Obama does, to you he is to be impeached.

This is why I said a few days ago on another thread that Obama is likely to be impeached at some point (so long as the people allow Republicans any power at all), so they may as well get it over with now. That way, the standard will be set (that ANY Democratic President will be impeached for any and all reasons, so long as the Republicans control Congress), and impeachment by a Republican-controlled Congress will become routine and cease to have any meaning. Works for me.

And when does this game end Mr. Vonnegut? Everybody knows that this 2 trillion is to just kick the can down the road to get past Obama's re-election where they plan on raising it again. What happens when you have a debt raising party and nobody shows up? By any sane measure, we are beyond the point where we can afford not to worry. To believe that more spending will jump start the economy at some point and suddenly raise massive amounts of new revenue has shown to be the utter failure it always is. Does this show more compassion on your part to have the country go bankrupt or utterly devalue it's currency? Will that make Social Security recipients feel better? I understand the last people in a Ponzi scheme aren't to happy, but delusional beliefs don't change the reality. While I might enjoy running up the credit cards and alI I can enjoy with them, it ain't really hostage taking when the card company says no more, no matter my supposed need. You collectivists just can't seem to handle the fact that there is a limit to your plunder no matter how much you demagogue and demonize.