beyond that , failure to raise the ceiling would mean missed payments on existing u.s. government debt .
but a u.s. government default , which will happen unless congress raises the debt ceiling soon , might cause financial catastrophe .
today we have a weak economy .
so let ’s call these house republicans what they are , says jon favreau .
on july 30 , 2011 , i began drafting an address to the nation about what would happen if congress refused to raise the debt limit within 48 hours , thus denying the united states treasury the ability to pay our country ’s bills for the first time in 235 years .
photo still , a government shutdown looks benign compared with the possibility that congress might refuse to raise the debt ceiling .
with each passing day , making our debt payments to businesses and governments around the world would become more and more difficult .
every company in america that does business with the federal government , of which there are hundreds of thousands , would not see their contracts paid on schedule , an effect that would ripple down to their employees and their families .
, a temporary government shutdown that will cause financial hardship and even ruin for millions of americans .