What Happens if We Don't Lift the Debt Ceiling?

Sheila Bear was the chairman of the FDIC and she also is a very, very good friend of mine. I wrote her to say that people are going crazy about what could happen if we don't raise the debt ceiling. She told me: "I don't think our government will default on its debt" The 14th amendment would likely result in a long legal battle but it would be better than a government default.