Noah Kristula-Green reports that default could easily start another recession. Noah Millman sees through the game Congress is playing:
The debt ceiling is theatre, a way of forcing Congress to acknowledge the consequences of its own budgets. If the Treasury were simply to ignore the debt ceiling and borrow what was required under the operative budget, Congress would scream, but really it would get what it wants: a free pass to disclaim responsibility for its own budgetary decisions.
The Dish 