In a just world, there are 260 Congresmen who should find it next to impossible to ever get a loan again. Why? Simple. They, on nationan television, went in fronf of 10s of millions of people, and voted not to raise the debt ceiling. In short, they said they don't care about paying bills.
Now a quick little reminder:
Debt is what you've ALREADY incurred. It's spent. Gone and done with. All you can do is either pay it, or not.
Deficits are projected. They are what you plan to spend.
Simple example. I'm meeting a friend for lunch. I'm buying. That's currently a deficit on my daily spending budget.
After I pay the bill, then it becomes a debt. It's spent.
Now I can cancel my deficit, and the only person who might be offended is my friend. But I can't call my bank AFTER lunch and say "I'm not paying that." If I did, I'm sure I'd be getting a letter in the mail saying that because my recent financial decisions, I've been deemed a higher risk than previously thought, and my interest rates are going up as a result.
(I'm going to digress for a moment. Now a lot of people say that the debt levels are unsustainable. Then why are US bonds, which are a measure of the reliablity of that debt, at record low yields ? Because the international banking community disagrees with you. And they're the ones that set our interest rates.
The fact is that the US debt to income ratio is better than most American households.
So without adding in any other debts that you normally would have (college loans, etc) the average household is percentage of debt to income is sitting at 487%. )
Well, that's what those 260 some congressmen and women did. They told the banks that paying your bills isn't important to them.
Banks should pay attention to that. I mean if they don't value the credit worthiness of the United States, why should banks believe that they would actually honor their OWN debts when it's THEIR money coming out of their pockets ? I wouldn't.