Everyone agrees that not paying our national debt coupon payments would be financial catastrophic, but conservatives point out that the US government takes in far more money each day than it spends on interest payments. Ergo, all the Treasury needs to do is "prioritize" payments, so that bondholders get paid first.

 

However, if you follow the GOP's line on this, then Obama has an easy victory.

 

Let's talk about what prioritization actually entails.

The Bipartisan Policy Center looked at what we'd need to cut if the Treasury were to "prioritize" payments in favor of crucial things.