cutting up credit cards ~= not paying credit cards

Just so I can stay sane, can we finally get this straight: not raising the debt ceiling is not the same as defaulting on the debt. Period. If we do not raise the debt ceiling it means that we have to live on our current income, the 59 cents of every dollar that we actually take in in taxes. That is bad and may well be unsustainable, but it is not default. Cutting up your credit card does not mean that you stop making payments on your balance.