A comment on my last post: if the dems were doing this you would call then heros(sic), standing on ideals.
No I wouldn't and the Dems have never been this irresponsible. As I wrote
The debt limit was raised 18 times under President Reagan and 7 times when Dubya occupied the the White House.
Every economist in the country left, right and center have warned against a default on the debt. Should the US government run out of authority to issue new debt instruments such as T-Bills and Savings Bonds the entire world economy would be impacted. The first thing that would happen is the stock market would crash wiping out a big chunk of wealth not only for the big investors but everyone with a mutual fund, 401K or IRA.
Then interest rates would go through the roof and people will not be able to afford to buy a car, a house or anything else you usually buy on credit such as appliances, etc. Business will not be able to replenish inventories or upgrade plant or expand.
If people in our consumer driven economy can't buy stuff that will lead to widespread unemployment.
There would be one positive effect, sort of. The price of gasoline would drop to below $2 a gallon because of a collapse in demand.
The Republicans forcing a government shutdown is playing with dynamite. Threatening not to raise the debt ceiling is playing with nuclear weapons.
1 hour ago