The “Full faith and credit” fantasy is ridiculous.
If the U.S. Treasury running out of money then forces the Congress to cut dramatically to become solvent again and some creditors have to wait awhile for their money the result would be a short term dip in confidence followed by a huge increase in confidence as our budgets started to reflect our incoming revenue.
If we don’t let the Treasury run dry by simply printing money to perpetuate our spending of twice as much as we take in every year a much bigger loss in confidence toward the United States will occur and it will last indefinitely.
If any home budget was spending twice what it took in year after year by borrowing on credit cards I doubt anyone would offer the advice “continue on, you don’t want to hurt your credit”, but that is the exact recommendation that is being made in the “Full faith and credit” argument for the status quo.
There is no possible way that we could be this stupid for this long and not incur some negative consequences, the only question is whether the negative consequences will destroy our currency for good or just be a good spanking for a few years while we learn how to act, spend and vote like adults.
This is not a game, too bad Boehner and the rest of the Establishment GOP cannot figure that out.