GEORGE WILL: The last time we faced cataclysm over this was when Standard & Poor's lowered our credit rating, people said disaster. No, the cost of borrowing actually went down 40%. I don't think the markets are as irrational as some of the people on Wall Street say. I repeat what I have said here before, default is a choice. A choice in the sense that we have 10 times more revenue coming in than is needed to service our debt.
We can continue to service our debt by not paying certain other vendors and certain other programs. We will only default if it is a choice and, furthermore, the 14th Amendment empowering the president not at all, but the Congress entirely, says it is a constitutional requirement to pay, under the full faith and credit of the United States, our bonded debt.