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290The 2011 Debt Limit Impasse: Treasury’s Actions & The Counterfactual – What Might Have Happened if the National Debt Hit the Statutory LimitGeithner stated that prioritization would be “unwise, unworkable,unacceptably risky, and unfair to the American people.” 222 Inaddition to a likely political backlash that would result from anyprioritization choice, 223 the markets expressed their opposition toany such scheme. 224If the Executive Branch had decided to prioritize, however, it wouldhave faced an endless number of intricate political decisions inchoosing which of over 80 million monthly payments 225 should be“winners” and “losers.” From August 2 - August 31, 2011, revenuesamounted to over $186 billion, 226 while expenses totaled almost$314 billion, 227 leaving a shortfall of $127 billion, which wouldnormally have been provided for through continued debt issuances.There are an unlimited number of prioritization schemes that couldhave been chosen. For example, the President could have paid-in-fullbondholders, Social Security, Medicare, Medicaid, Unemployment,Active Duty Military, Veteran’s Administration, TANF, SNAP, TSAand HUD with $742 million remaining. 228 However, he would nothave been able to satisfy other appropriations, including payments toDefense vendors, the Department of Education, or Federal EmployeeSalary and Benefits. 229222Salmon, supra note 195.223See Greenlaw, supra note 71, at 3.224See, e.g., Jennifer Saba & Walter Brandimarte, S&P Warns Against Prioritizing Debt Payments:Report, Reuters, July 26, 2011, http://www.reuters.com/article/2011/07/27/us-usadebt-sp-idUSTRE76Q0DR20110727.225Powell, supra note 197.226Treasury Direct, supra note 199. Sum of Non-Debt Issuance inflows.227Id. Sum of Outflows, excepting public debt cash redemptions.228Id. This approach assumes revenue smoothing over the course of the month. Not all chosenexpenses could have been paid on their given due date.229Id.