Financial Armageddon??

The United States today hit its $14.3 trillion congressionally-mandated borrowing limit and the federal government is running on fumes.  While the treasury says it can continue funding Uncle Sam's $3.8 trillion annual spending spree by tapping into what is effectively an emergency credit card -- borrowing from government worker retirement funds and cutting off federally-backed state and local bond programs -- many people are wondering what, if any, impact not extending the debt limit might have as the May 16 deadline comes and goes.

What does this mean if the debt ceiling doest rise??
  Financial catastrophe....
Predictions of mid may that the stock and bond market will PLUMIT
Huge tax increase
SS checks, medicare, medicare, vet benefits, unemployment.  Defaulting on the US debt would result in basically a financial crisis worse than the one we experienced in 2008.  OUCH!


What would actually happen? 
 Its like defaulting on your home mortgage, nobody would loan you more money without a much higher interest payment; and the US economy borrows a lot of money.  Bankers and economists say that could stop the recovering economy dead in its tracks.


This all just happened today, so be watching in the news whats going to happen with the debt ceiling.  More than likely Obama will make a statement in the next few days deciding what congress is going to do.  Lets keep our fingeres crossed that can figure this out.  


Now for some visual stimulation, here is an idea of how much 1 trillion dollars really is: