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Debt ceiling and Moody's
According to Moody's ( http://www.foxnews.com/politics/2013...ebt-ceiling/):
"The debt limit restricts government expenditures to the amount of its incoming revenues; it does not prohibit the government from servicing its debt. There is no direct connection between the debt limit (actually the exhaustion of the Treasury's extraordinary measures to raise funds) and a default."
So, not raising the debt ceiling has the effect of an instant balanced budget amendment? What would the ramifications be of this occurring "cold turkey" on October 17th?
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"Were you born a fat, slimy, scumbag, puke, piece 'o shit, Private Pyle, or did you have to work at it?" - GySgt Hartman
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