Former North Carolina Congressman Brad Miller, a Raleigh Democrat, says "he consequences of default on the national debt may be far worse than Congress knows. In fact, it’s hard to tell what Congress knows."
In an op-ed for Politico, Miller continues: "Congress must know that a default will most likely result in a credit downgrade and increase the interest rate on government borrowing, a needless increase in the cost of America’s debt service by hundreds of billions of dollars over the next decade or two. But there is so much more that could go wrong in a dimly understood and still fragile financial system." Read the whole piece here.