Because, once again, people were quoted out of context.

I listened very carefully to what Obama said - he said he could not guarantee that *ALL* checks would go out. It would be similar to having $100 in bills to pay but only $80 in your wallet to pay them. Sure, you can pay MOST of what you owe but not all.

The SSA refused to say what they would do if the default happened. In addition, nobody in the government said what they would do and the Treasury didn't say who's bonds (when redeemed) and coupons (interest payments) would be paid and who's wouldn't.

The thing is, it all depends on your point of view. Either TBills are the safest investment in the world (their track record *is* still unblemished, despite the threat) or "squandered" money with "nothing but a pile of IOUs". But, *by law*, the Social Security Administration *must* invest surpluses in T-Bills.