From the 'Incompetent Establishment' dept. at Think Progress, with video:
On ABC’s This Week, conservative columnist George Will responded to Republican opposition to raising the national debt ceiling and the threat it poses to the fiscal solvency of the nation:
I know of no other developed nation that has a debt ceiling. This is a purely recurring symbolic vote to make people feel good by voting against it.
The trouble is it’s suicidal if you should happen to miscalculate and have all kinds of people voting against it as a symbolic vote and turn out to be a majority. Because if the United States defaults on its sovereign debt, the markets will be — well, it will be stimulating.
For once he's right.
Will’s analysis echoed remarks made earlier by Austan Goolsbee, chairman of the Council of Economic Advisers, on ABC’s This Week. “The debt ceiling is not something to toy with,” stated Goolsbee. “If we get to the point where you’ve damaged the full faith and credit of the United States, that would be the first default in history caused purely by insanity.” [...]
I almost wish the teabaggers can manage not raising the debt ceiling. See the post just below this one. It will be unpleasant, but it will be the end of them.