[quote=SK in CV][quote=livinincali]
The bottom line being the media and analysts are lying when they say not raising the debt ceiling means a default. No, it just means there’s an immediate and large cut to government spending.[/quote]

It also means a severe recession. A spike in unemployment. Probably a depression.[/quote]

Not likely to happen,

As it would all but kill off most local municipalities pension systems (the real thing the Fed has been so desperate to save, not so much the housing market as most everyone believes but the tax base and stock market are the real targets).

Also it would likely increase the Debt even further.