I haven't seen a discussion on this in the media

[RDU Socialist]

and with the raising of the debt ceiling to roughly $9 trillion I guess we don't have to "worry" about it for... another year or something. But what happens when the country hits the debt ceiling and treasury bonds default? It's apparently never happened in this country, so there's no American historical precedent for this. Will taxes be increased? Will NAFTA and CAFTA have to be suspended so the government can increase its trade revenue in such a way to pay down some of the debt?

[Fredda Weinberg]

1. The ceiling is a moving target

and what matters is its size versus the measure of the economy as a whole. We are not in danger of defaulting on government notes.