If there is a default it is because both Obama and Republicans want it
I don’t know if there’ll be a debt default. What I do know is this: if Obama doesn’t want to default he has options. Forget the platinum coin nonsense (though he could if he wanted), Obama can just tell the Treasury to keep on keeping on, and continue selling treasuries. There isn’t anything Congress can do about that, they don’t have the votes to actually impeach him, they don’t have an army, they don’t have the balls to, say, lock up the Treasury Secretary. In short, they don’t have an army.
Now I assume Obama doesn’t want a default. But, to be sure, I could be wrong. Why? Because a default throws all the cards in the air. It lets you remake the country in your image. Obama has long wanted a “Grand Bargain” and the ultimate neo-liberal no-no is defaulting on bond-holders. Then, of course, there are all the SS checks…
If there is a default, whoever sets the terms of the new arrangement gets to remake America in their image. Obama might want a crack that that.