The debt ceiling vs. US dollar

In this video clip, Peter Schiff discusses how we can avoid raising the debt ceiling by making common sense decisions.  The USA has enough money to service the interest payments on all current debt, so default on the debt isn't the underlying issue...prioritize spending, however, is. 

The USA has refused to make the necessary cuts to the budget, which would reduce the annual deficit and total debt.  Peter Schiff believes that raising the debt ceiling by any amount only prolonges the issue. As a result, the USA may eventually default on payments because of their current policy actions.