Default? That's just a hype by Obama and the Democrats. Do you think the country would have come to an end if the debt ceiling was not raised?
Worked for Iceland.
If Joe buys a car and defaults making payments, they repo the car. If we default a loan to China, do they repo the U.S. or does the world economy go into a tailspin and China declares war on the U.S. to get it money or hand over the country?