NEIL CAVUTO: Well imagine that, the government shut down and we didn't default.
But didn't the president all but equate a shutdown to leading to a pending debt crisis and we would default?
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President Barack Obama: We can't have any kind of meaningful negations under the cloud of potential default-the first in U.S. history.
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Hasn't happened yet. And I suspect it won't.
And here's why.
For all this talk about closing about a shutdown Armageddon.
Let's just say we've had lots of Armageddons.
This is the 17th time we've been through this. But somehow we get through this.
Sometimes for days, sometimes for weeks.
But not once, did we ever not pay our bills. At least the important bills.
Like interest payments to our bond holders.
Miss those and you do default.
Which is why Republican president or Democratic president, that's the one bill they make sure to pay, no matter what.
Sort of like if you were backed up against the financial wall you'd make sure you paid your mortgage or your rent first.
Even as you let the Visa or MasterCard bill slide.
I'm not a fan of doing business this way.
But I'm not a fan of a president who acts like we've never done business this way.
We do it all the time!
It's not pretty. It just is.
What is surprising to me is why we haven't had our credit rating wacked more through this nonsense.
Not over these shutdowns, but the spending fights that always precede these shutdowns.
Yet the spending goes unabated after these shutdowns.
Frankly, if you ask me, we don't deserve a AAA rating.
If you ask me, I'd have downgraded us a long time ago for this stuff.
Especially when I hear those who argue we're worth that top rating because, "Well, we can always print more money."
Someone, anyone, find me a way to print these idiots more brain cells!
What a ridiculous argument.
But it confirms why we're the financial laughing stock we are.
We just keep spending as if we're not.
And then, like a scene out of "Casablanca," we express shock, utter shock, that we're gambling here.
And suddenly, the president of the United States is concerned about our financial standing here.
And lecturing about gambling our future away here.
Never mind he didn't seem to care about the full faith and credit of the government when he was a senator and voted against raising the debt ceiling.
Now he's hitting the roof over those who might consider to do the same.
Now he's suddenly shocked.
Now he's suddenly offended.
Now he's suddenly grumbling they're all gambling.
And it's "Casablanca" and all our cash is on the table.
It's as if he just found out there's a casino.
And never, ever realized he was the guy running it.