The Toppling Effect of the Federal Government

"The government still gets tax revenue all the time. So imagine we get to let's say it's June 1st around there and the extraordinary measures, you know, can't cover it anymore," he said. " absent anything else, we actually would default on the debt ... except for we still receive a lot of tax revenue." He added: "There's nothing which says that when the federal government failed, the state governments will remain strong"