"The problem with the caucus that wants to vote “no” and their supporters is that they have no alternative plan. Or rather, their only alternative plan is the firing squad—which is to say, the debt ceiling is not raised. In which case we are entering uncharted territory that involves not only a threat to the nation’s credit rating but also panic in the worldwide markets and a kind of triage when it comes to federal spending that could have all kinds of frightening consequences we can’t anticipate."
Over at NRO a post on financial analyst thoughts on default or near default: http://www.nationalreview.com/corner/273065/flirting-disaster-andrew-stuttaford
Megan McArdle on not raising the debt ceiling: http://www.theatlantic.com/business/archive/2011/07/what-happens-if-we-dont-raise-the-debt-ceiling/242728/
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