a few questions regarding default

[palomalou]

1. What will be the effects of default on those holding T-bills and savings bonds if default occurs?
2. Why would it be more "acceptable" for the government to say, "Oops, we spent too much and can't make our payments this month," than for a family to call up the mortgage holder and say, "We're really sorry, but we spent too much money and can't pay the mortgage this month"? Apparently a number of Congressmen/women think it is more acceptable, or this situation would not be occurring.

 

[BigNick]

1. What will be the effects of default on those holding T-bills and savings bonds if default occurs?
2. Why would it be more "acceptable" for the government to say, "Oops, we spent too much and can't make our payments this month," than for a family to call up the mortgage holder and say, "We're really sorry, but we spent too much money and can't pay the mortgage this month"? Apparently a number of Congressmen/women think it is more acceptable, or this situation would not be occurring.

You might want to separate the question of fact and the rhetorical discussion about "acceptability" into two threads. They're both interesting subjects (well, potentially at least; the second seems to be inviting a rehash of several other ongoing threads), but it isn't a "question" in the sense that there's an answer, it's a statement of a moral position phrased as a question.