You could use two static defaults.
ip route 0.0.0.0 0.0.0.0
ip route 0.0.0.0 0.0.0.0 50
50 is the administrative distance for the route via cable modem. Thiswill ensure that the route via cablemodem will be used only if t1 goes down.
Are both the t1 and cable mode from same service provider or different. You can use NAT with route maps to NAT to the appropriate service provider address space.
Check this link
http://www.cisco.com/warp/public/105/nat_routemap.html
http://www.cisco.com/univercd/cc/td/doc/product/software/ios122/122newft/122t/122t4/ftnatrt.htm
Sankar Nair
UC Solutions Architect
Pacific Northwest | CDW
CCIE Collaboration #17135 Emeritus