recess. bret: let s get perspective on the talks. analyst brit hume is here tonight. hi, brit. hi, bret. s at obama enters negotiation over the borrowing authority, the debt ceiling things need to be understood. the first is there is almost no chance that the government will default on the debt payment, even if the debt creeling is never raised. that is because revenues will continue to flow in the treasury from income tax withholding, which will be more than enough to cover the debt payments. the only way a default could occur is if the treasury department inexplicably chose not to make payments. but there will come a time when there won t be enough money to fund all the department agencies, which would mean disruptions. the administration will then get to decide which programs are funded and which will not. it will surely blame republicans for any fall-out. democrats will also continue to accuse republicans of wanting lower taxes for rich people and more breaks for big oil compan
recess. bret: let s get perspective on the talks. analyst brit hume is here tonight. hi, brit. hi, bret. s at obama enters negotiation over the borrowing authority, the debt ceiling things need to be understood. the first is there is almost no chance that the government will default on the debt payment, even if the debt creeling is never raised. that is because revenues will continue to flow in the treasury from income tax withholding, which will be more than enough to cover the debt payments. the only way a default could occur is if the treasury department inexplicably chose not to make payments. but there will come a time when there won t be enough money to fund all the department agencies, which would mean disruptions. the administration will then get to decide which programs are funded and which will not. it will surely blame republicans for any fall-out. democrats will also continue to accuse republicans of wanting lower taxes for rich people and more breaks for big oil compan