For months now, the story is that if Congress does not raise the United States' $14.3 trillion debt limit prior to 2 August, it could have "catastrophic" consequences.
The leaders of our current out-of-control government -- Bernanke, Geitner, Obama, Reid, Pelosi -- are trying to sell us a "necessary" tax increase in order to save the economy. If they had their way, there would be minor sending cuts but only within Republican strongholds; i.e., the military.
America should pay a price for reckless government. Collectively, we elected the dolts and allowed them to spend, tax, borrow to the point of no return. We are at that point.
$14.3 trillion in debt is more than enough. When real men and women find they have lived beyond their means, they don't declare bankruptcy. They do the hard things and reduce spending below their incomes. They sell assets. They downsize. They cut all expenses. We must demand our government do the same.
So what are "catastrophic" consequences? The key markets fall 50%? The result might be catastrophic but if we get our house in order, it will make us stronger as a nation. It will have shown that some politicians can do the right thing.