As the President and Republicans fight over the deficit, there is growing concern about the August 2nd deadline set by the Treasury Department - that's the date when the government is said to really bump its head on the debt ceiling.  But what exactly will happen on August 2nd?

FOX News Radio White House Correspondent Mike Majchrowitz looks at what the deadline means in Part 1 of a special series: "Government Default: What Does It Mean?"...

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President Obama calls the deadline...

"Armageddon."

Presidential candidate Michele Bachmann says...

"This is a misnomer."

So which is it?  Kevin Hassett, former Federal Reserve Chief Economist, says revenues will still come in, so it won't be an immediate default...

"The Government can continue to function, it just has to prioritize its bill paying."

Fed Chairman Ben Bernanke also sees latitude...

"I think, at least for a while, the Administration will do what it can to pay the debt."

But Scott Lilly, former White House Appropriations Chief of Staff, notes the Government borrows $.40 for every $1.00 it spends, meaning massive ad hoc spending cuts...

"As the month runs on, the number of unpaid bills will get bigger and bigger, and the problems will get bigger and bigger."

And deciding who gets paid - and who doesn't - will be politically explosive.