Debt Ceiling: 7 Reasons Why August 2nd Isn't the End of the World

A video from Freedom Works:

Related from ReasonTV: Veronique de Rugy on the Facts About the Debt Ceiling

Myth 1: If a deal is not reached by August 2, the U.S. will default on its debt.
Fact 1: The Treasury Department can prioritize payments in order to avoid a default.

Myth 2: If the debt ceiling isn't raised the government won't be able to pay Social Security benefits.
Fact 2: There are approximately $2.6 trillion dollars in the Social Security Trust Fund. Those assets can be used to pay benefits. Furthermore, there is already trillions of dollars of interagency debt that counts toward the $14.29 trillion debt limit. Treasury Secretary Timothy Geithner could convert that interagency debt into publicly-held debt, preventing not only a technical default but also preventing any delay in government payments.

Myth 3: The Treasury cannot use the Social Security Trust Fund to delay a default past August 2.
Fact 3: While the Treasury can't use money from the Social Security Trust Fund, it can "disinvest" from other trust funds to pay for benefits.

Plus: Rep. Hank Johnson took to the House floor to inform lawmakers that the Cap, Cut and Balance Act is "just the Ryan budget proposal in lipstick" and "that's realer than the 'Real Deal Holyfield'".

This is the same guy that is afraid that the island of Guam will capsize from overpopulation.