Its quite true that the default term is inaccurate. But the consequences of breeching the debt ceiling would be dramatically bad from any reasonable stand point. The administration/ media use of the default term is designed to eliminate any mention of "debt" in the analysis-a word which tends to alter the value equation in the voter's minds eye. But the "what's so bad about that" observation is a foolish question in practical terms. Start with the obvious: assuming an across the board cut every military function would be immediately subject to a 20% reduction,ditto every social security check, etc. It would immediately produce a recessionary impetus. Guess who would be blamed for these results? Never take an economic hostage you are afraid to shoot.
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