We have to balance the budget in the long run, but this is a hare-brained way to make it happen. If anything, a default will make it harder to balance the budg

We have to balance the budget in the long run, but this is a hare-brained way to make it happen. If anything, a default will make it harder to balance the budget in the long run, because if the markets get spooked into higher interest rates on T-bills, a greater proportion of tax revenue will have to be spent on debt service.