He won't do that. Obama has said that he doesn't believe that he has the power to raise the debt ceiling himself (and he totally doesn't, since the 14th Amendment is about the integrity of existing debt and not the issuance of new debt).

If the debt ceiling isn't raised America will not default. Something much worse and weirder without a good name will happen. Without the ability to borrow, the government can only pay for about 60% of its monthly obligations. Since bondholders will be prioritized and get first dibs on that money there will be no "default." The rest of that money can be split between Social Security, Medicare, and military pay, but after that there's no money left.

Think about that. I've never heard politicians say border guards will get their pay too. Or the foreign service working around the world to advance American interests. Even the bills to pay to keep the power on at the National Archives so the goddamn Declaration of Independence doesn't dissolve may not be payed!

Hopefully after beating the Democrats of almost everything else in this crisis the Republicans agree to an extension that goes past election day. They've totally triumphed in changing the narrative from one of lackadaisical deficits to a quest for fiscal responsibility. It was as recent as February (maybe even more recent) that Obama sent a budget with no attempt to rein in spending and reform entitlements at all! Republicans should merge the Reid and Boehner plans and turn their attention to passing a budget, which we haven't had in years.