US default wouldn’t be Carmageddon II

posted by
July 19, 2011
San Francisco Chronicle
by Debra J. Saunders  
Posted in Commentary, PND Commentary

"If Washington fails to raise the $14.3 trillion debt ceiling and default follows, the results won't mirror that of L.A.'s 'Carmageddon' weekend (when Angelenos stayed home in response to a major freeway closure and then blamed the media for over-hyping the story). A default on the federal debt means interest rates will rise, the cost of borrowing will balloon -- and the only sure outcome will be that voters will blame Republicans. Hence, the House Republicans' debt-ceiling package -- the Cut, Cap and Balance Act of 2011 -- is the bonehead play of the year." (07/19/11)

http://tinyurl.com/3qowj7a  

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