Contradicting the Obama administration, Moody’s Investors Service says that hitting the debt limit shouldn’t be confused with default. The Washington Post writes:

“In a memo being circulated on Capitol Hill Wednesday, Moody’s Investors Service offers ‘answers to frequently asked questions’ about the government shutdown, now in its second week, and the federal debt limit. President Obama has said that, unless Congress acts to raise the $16.7 trillion limit by next Thursday, the nation will be at risk of default.