I hate to accuse a president of lying, but President Obama is selling a massive fraud to the American people by warning of a catastrophe if the debt limit is not increased. There will be no catastrophe unless the president goes out of his way to will it and create it.
Federal spending averages about $300 billion per month. Federal tax collections run to about $180 billion. Our vital obligations are a lot less than that: Federal debt service is about $25 billion per month. Social Security is about $58 billion per month. The entire defense budget also is about $58 billion per month. Tax revenues are more than sufficient to fund each of these items if the president chooses to allocate federal tax money to this purpose.