Race to raise US debt limit: Republicans say Democrats are on their own
“That would be disruptive, certainly. But will it have catastrophic effects that a lot of people are speculating? My guess is no,” James Wallner with the R Street Institute said.
Wallner suggests the consequences may not be as dire and it could teach lawmakers to restrict spending.
“It can’t borrow to make up the difference so, in essence, it would balance the budget overnight,” he added.