He's lying. There are enough revenues coming in every day to cover military pay, social security, medicare, and other crucial checks that need to go out the first part of August. Failure to raise the debt ceiling means they can't borrow more, it won't affect revenues already collected (and continuing to be collected). It will have an impact eventually on Soc. Sec. etc., if the debt isn't reduced by spending cuts - deep spending cuts. Obama is very clever to try to frighten the old folks but he will eventually cave. Then he needs to come up with a budget which has been LONG OVERDUE.
Thankfully, he will be out of office in 18 months before he can wreak more havoc on our country.
Rejoice ever more. 1 Thessalonians 5:16