Sometime this summer, the Democrats and the Republicans will go toe-to-toe over whether to raise the debt ceiling. At the height of the confrontation, President Obama may well address the country and say that even though he has offered the Republicans more than $1 trillion in spending cuts (unspecified), the Republicans have not been willing to compromise on a deal. He will then announce that, even without an agreement, the U.S. will still have enough money to continue payments to its creditors.
Unfortunately, he will go on, the government will not have enough money to continue with many other programs. Federal agencies will send out letters advising parents that because of the deadlock in Congress, student loans will be suspended. Other letters will advise seniors to make arrangements with banks for credit lines until their Social Security checks can resume. National panic will ensue.
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