SEE HERE The day to day reality is:"The government is receiving an average of about $6.5 billion a day in revenue and is spending $11.8 billion a day. Interest on the debt, Social Security and Medicare/Medicaid payments just about absorb all the monthly tax revenue, leaving no money for other things, including the military."
Read more on Newsmax.com: Default on US Debt Is Obama’s Choice
Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!
However, as Rahn points out, the government has a whole lot of assets. It isn't as if we're bankrupt. We just have an administration in charge that wants to turn us into a European Socialist State with himself as King.
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