Toomey: debt delay OK

Pat Toomey has a debt-limit op-ed in today's USA Today:

The administration is right that defaulting on our debt would be catastrophic. But its insistence that a delay in raising the debt limit will cause a default on our debt is a calculated political maneuver designed to intimidate Republicans into raising the debt limit with no meaningful spending cuts or process reforms.

The truth is, the federal government collects more than 10 times the tax revenue needed to service its debt, and the Treasury has the authority to prioritize federal spending. So, even absent a hike in the debt ceiling, we will not default on our debt. Just to take the possibility of default completely off the table, I have introduced legislation requiring the Treasury to make debt service its top priority.