Some are now asking this question with the August 2nd deadline approaching. There would be no money to pay veterans, medicare/medicaid, or social security. And interest rates would have to be raised in order to actually attract investors to buy our bonds. Jim Kessler, of the think tank third way, puts it like this, "You can cheat on your spouse and maybe your marriage will survive, but your marriage will never be the same again. And you can default on your debt as a nation and your country will survive. But the way your country is viewed will never be the same again."
This is rather depressing, especially considering the Tea Party Republicans stance that raising taxes is a non-starter on a deal. The whole country could be shaken but raising taxes is still off the table. Reagan lives on!
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