Failure to Hike Debt Limit Means Global Catastrophe?

One week has already passed since the Oct. 1 federal government shutdown forcing massive furloughs of workers and suspension of services not excepted by the Anti-Deficiency Act.

Because Congress did not enact regular appropriations or a continuing resolution for the 2014 fiscal year, appropriations have lapsed, and about 800,000 federal employees were indefinitely furloughed without pay, while another 1.3 million “excepted” employees were required to report to work for some indefinite period without pay until an appropriations bill is passed or their function is no longer excepted.

The U.S. government has shut down 18 times since 1976. The last actual shutdown came in 1996 and lasted three weeks.

Two basic questions that come to mind:

1) What really happened here that got us again at that same impasse of 17 years ago?
2)  What are the implications if the government were to ever default?

Read More : http://www.wnd.com/2013/10/failure-to-hike-debt-limit-means-global-catastrophe/

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