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Trap, i'll attack you from now until election day. >> if you vote down the debt limit, it doesn't mean default. it can ultimately but it means you can't borrow anymore. the white house has a lot of money. we learned in the second, the final c.r., third one there was $6 billion of census money sitting around. thaw can see billions of it. you could carry on for many months in the fall. if you vote down increasing the debt limit it means you can't borrow. it doesn't mean you can't do other things. >> wait a mite. it's not the crisis. the immediate crisis that everybody talks about that. is the ta...

This was if you walk in my trap, i'll attack you from now until election day. >> if you vote down the debt limit, it doesn't mean default. it can ultimately but it means you can't borrow anymore. the white house has a lot of money. we learned in the second, the final c.r., third one there was $6 billion of census money sitting around. thaw can see billions of it. you could carry on for many months in the fall. if you vote down increasing the debt limit it means you can't borrow. it doesn't mean you can't do other things. >> wait a minute. it's not the crisis. the immediate crisis that everybod...

Plans and it will be interesting to see what they decide to pay for if we get to august 2nd and don't have a bill signed into law. but yesterday and today that doesn't mean default. >>neil: and that is what i was trying to stress, as crazy as the environment is, august 2nd does not mean default. explain the process that you think will play out if we don't have a deal. the treasury has to get into prioritizing bills department, right? >>guest: right, right. say august 2nd is a real date and there is wiggle room. the real date is probably closer to august 10th or 15th. the administration has the...

For if we get to august 2nd and don't have a bill signed into law. but yesterday and today that doesn't mean default. >>neil: and that is what i was trying to stress, as crazy as the environment is, august 2nd does not mean default. explain the process that you think will play out if we don't have a deal. the treasury has to get into prioritizing bills department, right? >>guest: right, right. say august 2nd is a real date and there is wiggle room. the real date is probably closer to august 10th or 15th. the administration has the option of what to do. maybe pay government vendors late. obviou...