Need Clarification on Rand's Debt Statements

[libertylady80]

I have heard Rand say many times since talk of default started taking place that there was no chance of default because we bring in about 250 billion in tax revenue each month while our debt interest is a little over 20 billion. He states that we would have more than enough to cover the interest so we would not default. I have researched the 14th ammendment on US debt and it does make clear that debt is only that which has been presented as a formal instrument such as treasury bills, notes, and bonds. We have other debt that really amounts to nothing more than political promises as opposed to official instruments but the 14th ammendment seems to also state that the president is required to pay not only the interest on those instruments but also the principle. Can someone clarify why Rand states that if we only pay the interest on these official debts that will suffice per the Constitution? I am confused. Is there something I am missing?

[tsai3904]

I think he only mentions interest because that is a more predicable amount month to month. Principal amounts are staggered and can vary greatly but I'm sure Rand implies that there is enough money coming in to cover interest and principal as to not default on any type of debt payment.

[cocrehamster]

Principal payments can be paid by issuing new debt. Issuing new debt to make principal payments would have no net effect on total debt outstanding.