"We have 10 times as much tax revenue as we've got annual interest on the debt obligations. So if the president does not want us to default on our credit or obligations, we won't."
-- Rep. Mo Brooks (R-Ala.) told Politico.
It's true that the U.S. government has the tax revenues needed to make interest payments on U.S. Treasuries. But there are many other obligations it wouldn't be able to pay in full and on time. It would have to pick and choose among Social Security, Medicare, defense spending and many others.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.28%||4.41%|
|15 yr fixed||3.30%||3.33%|
|30 yr refi||4.31%||4.39%|
|15 yr refi||3.35%||3.31%|
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