[central_va]

Holding the debt ceiling in place will at least (in theory) stop the Federal Reserve’s printing bonanza. If the Treasury can’t continue borrowing from the Fed, then the Fed has no means to continue creating debt or fiat (my suspicion though is that they would find a way around this). A national default would result. The U.S. Treasury Bonds held by governments around the world would become essentially worthless, the dollar would lose its reserve status, plummet in value, and hyperinflation would result.

Simply not true, the debt could be serviced in a debt ceiling scenario. Red Herring alert.

[eyeamok]

Thats the part that caught my eye also, There would be NO DEFAULT, There are more than enough Receipts to the Treasury Dept to pay our obligations. STOP BORROWING MORE is what would happen and NOTHING ELSE.

[blam]

Isn't 40% of what we're presently spending being borried? If that's the case, aren't you saying that we just need to make a 40% cut to the budget?
If so, who/what gets cut 40%?

[familyop]

See HHS for budget cuts.