president obama took office. now he and the treasury secretary take turns issuing grim warnings about what will happen if we don t do it again. it the destabilize the world financial markets. you could potentially have a significant financial event like the one that we just have gone through. every family has cost of borrowing and businesses would fail. many economists agree it would make united states riskier bet to receive loan. we borrow $15 trillion roughly. if you just pay a tenth of a percept more that is $15 billion. if we go nuts and default for a sustained period, interest rates would go up significantly there could be panic the marks. another economist challenge they the credit standing would be damaged. other payments would suffer, payments on uncle sam s debt