Since Obama took office there have been repeated fights over raising the US Debt Ceiling. The Treasury Secretaries have said that for a short period of time they can 'juggle money around' to keep the US from default.
Do we immediately go into default if we cannot pay down the debt? (Where is the money coming from, or do they just stop pying their vendors?)
Is that its against the law to take money from Social Security or Medicare (not sure if this includes medicaid)?.
What is 'discretionary spending'?
For those that don't know, the debt ceiling limits how much debt the US government can take out. Since we run a budget deficit, the treasury has to issue bonds just to pay the interest on the national debt. The congress sets a 'debt ceiling' that says we cannot go more in debt and then when we reach the cap raises it. If we don't pay the interest we are in default.