RE:US Debt Ceiling - Should We Worry? You're missing the biggest issue in my opinion and it's that a raised debt ceiling will further drain the liquidity in the economy which in addition to quantitative tightening will likely seal the recession fate. The government TGA account has about $109B and it has come down sharply over the last year at ~ $547B. It's going to run out any month from now. The US will not default but the economy is certainly going to tip into a recession when they negotiate new terms and the TGA account gets replenished.
Btw, the debt ceiling was raised 74 times from March 1962 to May 2011. That's 8 times under Bill Clinton and 7 times under George Bush. Why would this time be any different?