Catastrophe or Not? Economists Predict the Outcome of Breaching the Debt Ceiling.

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Plenty of apocalyptic talk is flying around about the consequences of letting the federal government run out its borrowing authority and failing to let it run up the credit cards any further. President Obama claims "every economist out there is saying" that "millions of Americans—not just federal workers—everybody faces real economic hardship" if the debt ceiling isn't raised. But, is it true? Does every economist out there see doom if the debt ceiling isn't raised? To find out, Reason approached several prominent economists and asked them a simple question: Reason Magazine is doing a piece on the debt ceiling, and we were wondering what your take is on the consequences of breaching it? Will it be a catastrophe or not?