Failing to Raise Debt Ceiling Does NOT Mean DEFAULT

I'm not a finance expert (even though I did stay at a Red Roof Inn last night !), but I do not believe that if we fail to raise the debt ceiling we automatically go into default.  We only default on our debts if we fail to do either one of two things:

1. We fail to pay interest on the money already borrowed, or,
2. We fail to pay any bonds which come due.

In either case, if we cut spending on a few programs we can have enough money to pay interest and bonds which are due and thereby avoid default.  That's called ..... being a responsible borrower.  Interest paid annually is around 6% of the total federal budget.  Can you imagine a family or a company refusing to cut their spending by 6% to avoid bankruptcy?

Dear Leader is waving the DEFAULT sword over our heads, threatening doom and gloom because AGAIN he refuses to reduce spending.

Please correct me if my thinking is wrong on this .....

[clipper]