All You Need To Know About The Potential U.S. Default

BACKGROUND INFO (you can skip this):
The definition of default is, "failure to fulfill an obligation, esp. to repay a loan".
The obligation of the U.S. is the interest on the debt, amounting to (in 2012) $220 billion dollars. If the U.S. fails to pay this interest it will default.

The U.S. takes in, without borrowing, $2.5 trillion (or $2500 billion, again in 2012). Do the math, and you can see that we take in more than 10 times what is needed to pay our interest - in other words we have the money, without borrowing, to pay our debts and prevent default.

The President of the United States, Mr. Barack Obama, is the direct authority over the Treasury Department. The Treasury Department has the authority to prioritize what it spends money on. The 14th amendment (section 4) requires our debts to be honored. The constitution therefore places our debt payments above any other payments.

The President of the United States, President Barack Obama, swore twice, once in 2009 and once in 2012, to uphold and defend the Constitution of the United States.

THE LOGIC:
- The constitution requires the U.S. debt be honored (i.e. that we do not default).
- U.S. defaults only when the interest was not paid.
- The interest is only not paid when we don't have enough money OR we choose not to spend the money on the interest.
- We have enough money, therefore we chose not to spend the money on the interest.
- We only choose not to spend the money on the interest if the Treasury or Congress makes that choice. For Congress to make this choice, it must intentionally pass a bill NOT to pay the interest.
- Congress has not passed such a bill, therefore the choice not pay the interest could not have originated from Congress. The choice must have originated from the Treasury Department.
- The President of the United States has direct authority over the Treasury Department and can thus direct its actions. Thus, if the Treasury Department chose not to pay the interest, the President either allowed it, directed it, or had it happen without his knowledge.
- Given the President's attention to the current issue, it is unlikely that the Treasury Department would make the choice without the President's knowledge. Pending any evidence supporting this, it is most likely that the President allowed the Treasury Department not to pay the interest on the debt, or directed the Treasury Department to do so.
- Since the President swore to honor the Constitution, we can conclude that he swore to honor each section of the Constitution. 
- Since honoring the debt is a section of the constitution, it can be concluded that his oath to uphold the Constitution included honoring the debt.
- Relying on earlier points, we can conclude that he swore that he would neither direct nor allow the Treasury Department not to pay interest on the debt (which would cause the default).
∴ (therefore), If the U.S. defaults, the President has violated his oath to uphold the Constitution of the United States.

Most of this research is creditable to Mark R. Levin and sources he has cited on his radio show over the past few years.