So what could happen if house repubs do not raise the debt ceiling?

By Wanfeng Zhou





NEW YORK, April 18 (Reuters) - A threat by Standard %26amp; Poor's to cut its top rating on U.S. government debt and renewed worries about Europe's debt crisis spurred a sell-off in major world stock markets on Monday.





The weakness started in European markets on fears that Greece will have to restructure its debt possibly as early as the summer. That put the euro on track for its biggest one-day decline in five months against the U.S. dollar.





The sell-off picked up pace later when rating agency Standard %26amp; Poor's revised its outlook on the United States to negative from stable, citing the risk that policymakers would fail to agree on proposals to trim its large budget deficit. See [ID:nN18195555]|||Life as we financially know it ends (plus much more).



A new day begins...And, it won't be pretty...|||Nobody in the government is stupid enough to not raise the debt ceiling. Defaulting even once would cause the value of US bonds to plummet, and could possibly turn the recession into an economic crisis worse than the Great Depression. At the very least, you can count on them to raise it purely out of self-interest.|||some things wouldn't get paid for, but the US would not default on loans. That's just BS. There is such a thing as prioritization, so interest payments to foreign countries would need to be paid first.|||We would have to cut spending drastically which is what we need.|||I guess single black women will have to give up their government paid for designer clothes...