does any one actually know what will happen if the debt ceiling is not raised ?

It would depend upon what the government decides to do with the money it does make. There's enough revenue without borrowing money to maintain the debt without defaulting. So if the government defaults on its debts, it's because they chose to default on the debt rather than hitting the debt ceiling.

We haven't had something like this happen before in recent history, so no one really know what will happen. But you can be rest assured that both sides will make claims to further their side's arguments, the trick is determining which of those lines is true.

What will happen is the US for the first time will default on its debts. The 14th Amendment Sec. 4 clearly states that the US 'by law' MUST pay all public debts. We as a country are obligated by the abide by the 'Full Faith and Credit' of our government to never refuse to pay a legitimate debt. Those who constantly argue that the US government, particularly the Obama administration doesn't abide 'by the Constitution' seem awfully eager to discount this part of the Constitution. If for what ever reason we get into a financial hole, currently because of two and 1/2 wars without a corresponding 'war tax', then we're obligated to raise taxes to pay our bills if that's what it takes to remain solvent. I've heard many arguments against folks who have found that their homes are 'underwater' in value and these people have walked away from a legitimate debt. While I personally don't judge these people for their actions the world will certainly judge the US if we don't pay up in full and on time. To really get a handle on this situation REQUIRES that we reset all of our trade laws, force all corporations who who exist under the protection of the United States to pay their taxes and to reduce our 800 billion borrowed dollar military down to what we can afford. Default isn't an option...that would degrade what it means to be an American. Countries that default always lose respect. Countries, like individuals that renege on their integrity in the end lose all. When we talk aboout 'cost', we shouldn't forget about 'value'!

So i assume for you its ultimate to proceed a similar coverage till we are all broke. which will restoration the financial gadget. What a retard. One in 5 American adult adult males are unemployed. that is 20% for people who're too dumb to determine it out. shop balloting for Obama's regulations. issues are looking up. what approximately tomorrows responsibilities? The worst administration interior the international is the get for the time of the day coverage. that's the final thank you to maintain a similar problems you have now till the top of time. we don't adequate time to entice up a acceptable plan now so a provide up hollow is the only answer. If the Democrats are so stable and their plans are maximum suitable why did not they pass a funds interior the final 800 days? Why can we ought to strengthen the debt ceiling if their plans are so suitable? What befell to acceptable administration while that they had a super majority? they don't desire a balanced funds or it could have been performed then. Polls prepare seventy 5% of the inhabitants is for a balanced funds modification. Democrats at the instant are not.

You are very, very wrong.

Defaulting on debts would cause interest rates to rise and cause instability in the markets. This is not good news. and there should be bipartisan support that this is not a good idea. It would not change much about our spending habits.

no one knows for sure, but it's most likely cause the value of the US dollar to go down in value, and the interest we pay for our bonds to go up.

it will mean that we can't borrow any more money

and then the Bankers get to reposes the U.S.A.

Truth is.... it might be a good thing