Secretary of the Treasury Jack Lew: We Would Be in Default

Making the rounds on the Sunday morning talk shows Secretary of the Treasury Jack Lew had this to say

From Salon

“If the United States government, for the first time in its history, chooses not to pay its bills on time, we will be in default,” explained Lew on CNN’s “State of the Union.” “There is no option that prevents us from being in default if we don’t have enough cash to pay our bills.”