Just because Felix says so?

This is a dangerous and ill-advised rhetorical tack to take. For one thing, it’s false: the transfers made from a government to its citizens are qualitatively different from its bond payments to creditors, and if they’re missed the consequences are not nearly as catastrophic. On top of that, Wolin seems to be saying that Treasury has no particular desire to differentiate its bond obligations from any other obligations. Which, at the margin, increases the likelihood of a bond default. If bonds aren’t special — if they’re just one of many US government commitments — then bondholders should rightly worry that spending cuts might hurt them, too.

So when does Felix set payment priorities if Congress is short of cash?  I know people with more authority than Felix who say differently.

Felix has no more authority to spout truth than any other blogger in the webosphere.

Two can play Felix's game

But maybe the smartest thing for Geithner to do would simply be to stop paying the salaries of members of Congress and their staffs. It probably wouldn’t take long, in that event, for Congress to vote Obama the debt-ceiling raise he needs.

Says Felix regarding the coming debt ceiling vote.

Note to Ms. Bachmann, be repaired to defund Treasury salaries as part of the debt deal.

It has also come to the attention of this Libertarian that deficit doves threaten to refuse payments from central government. OK, I am really scared, if you really want to threaten me then, yes, by all means start spending less money.