Geez guys, there's no way we default on our debt. We're still taking in about 200 billion a month, and the debt interest is around 20 billion. So we can continue to pay the interest and not default, but the real question is the other things that should be paid, like Social Security, Medicare/Medicaid, the Armed Forces, federal prisons, etc. There's not enough left over after paying the debt interest for the stuff that really needs to be paid, but declaring an emergency is off the charts. All he's gotta do is take the tax hikes off he table and the problem is over. That might be a politial problem but it sure as hell ain't no emergency.