Then in short order it will be over like the last time time this was done and like last time the world will not come to an end!
Before Default, Let Republicans Bump Up Hard Against the Debt Ceiling | NationofChange
A prolonged confrontation over the nation's debt ceiling — unlike the "fiscal cliff," which provoked many scary headlines — could truly be grave for both America and the world. While press coverage often mentions the possibility of lowered credit ratings for the U.S. Treasury (again), that might only be the mildest consequence if Republicans in Congress actually refuse to authorize borrowing and avoid default. Last time the nation prepared to face such an impasse, during the spring and summer of 2011, the chairman of the Treasury Borrowing Advisory Committee — a JPMorgan Chase official named Matthew Zames — laid out a disturbing scenario in a letter to Treasury Secretary Tim Geithner, in which he foresaw a rolling catastrophe that could inflict hundreds of billions in additional borrowing costs; spark a run on money funds, leading to a renewed financial crisis; severely disrupt financial markets and borrowing, killing fragile economic growth; and push the economy back into recession due to higher interest rates and tightened credit.
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