Default hysteria continues in Washington, in defiance of the most basic facts of arithmetic. Some Republicans have even been taken in, but one who is having none of it is Congressman David Schweikert of Arizona, the former treasurer of Maricopa County:
[T]here is no such thing as default unless there is an actual evil attempt from the administration. When you have 18 percent of GDP coming in in cash, less than 2 percent going out in debt coverage—I’m stunned you all fall for it in the press. None of you were math majors, were you?”
But it's such a useful misunderstanding for Prince Obammy, The Liar in Chief.