National Journal:
"In interviews with more than a dozen GOP lawmakers, the Republicans rejected the notion that Washington could default on its debt unless a borrowing increase is approved before Oct. 17. For the United States to actually default, these Republicans argue, the Treasury Department would have to stop paying interest on its debts—something GOP lawmakers claim is inconceivable."
Time Magazine blog:
With no end in sight to the current budgetary impasse, Congress has a ten-day window to approve measures that would allow for the extension of the nation’s debt ceiling. If both the House and Senate fail to forge a deal before 0ct. 17, experts warn that the self-induced crisis would surpass the 2008 recession in its effects.
Tim Bitsberger, a former aide to George W. Bush, said during an interview with Bloomberg published today that a potential U.S. default on its debt “would blow Lehman out of the water” — a reference to the investment bank collapse that spurred the 2008 financial crisis."
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