The Dubious Threat of a U.S. Debt Default - ERIC PIANIN and JENNIFER DEPAUL

http://www.thefiscaltimes.com/Articles/2011/06/29/The-Dubious-Threat-of-a-US-Debt-Default.aspx

House Speaker John Boehner, R-Ohio, told Sean Hannity of Fox News on Tuesday: “Dealing with this deficit problem is far more important than meeting some artificial date created by the Treasury Secretary. We cannot miss this opportunity.”
But former Senate Budget Committee Chairman Pete V. Domenici, R-N.M., a senior fellow at the Bipartisan Policy Center, said: “It is beyond my comprehension as to what an elected official could get out of thinking that we should in fact default or that default isn’t very significant.”
“The truth of the matter is that default on this debt means your country could indeed be at risk and things could change economically way beyond what you expect and be irretrievable in terms of the negative effect on us,” Domenici added.

Hold on. It's going to be a rough ride.