Here's What Happened the Last Time the U.S. Defaulted on Its Debt - The Atlantic
"This story has three possible endings. Either Congress lifts the debt ceiling, and we all live happily ever after, at least until the upcoming battle over the continuing resolutions; or Congress doesn't, and we only get a massive dose of austerity; or Congress doesn't, we get a massive dose of austerity, and then we default, with interest rates shooting up and the financial system melting down. This shouldn't be a difficult choose-your-own-fiscal-adventure."
