The issue is the monies needed for government to actually do anything. If the debt ceiling does not get raised then a lot of the current non debt related commitments, Social Security retirement benefits, military salaries, government workers salaries, the Federal parts of unemployment insurance, the US postal service might not go out after August 3rd.
Pay the military! Pay the military! Pay the military!
If Congress is stupid enough to go into default, then there's someone in the military stupid enough to park his tank on the Capitol steps and demand his paycheck.
(:raig