>Economists are unanimous in their opinion that the U.S. defaulting on its debts -- that's what this means in plain terms -- would be catastrophic for the world economy. The young ones in the House don't care. They're on a mission. They're like the zombies in horror movies..
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>As private citizens, if we cannot pay our bills we do not raise our credit card limits so that we can borrow yet more. Why should the federal government?


Makes sense to me.


On the other hand... if you ever met someone who owed their bank a couple million dollars, you would find that the bank will continue to loan them more money, because shutting them off would be bad for the bank as well (for example business loans that allow a company to keep operating).