Debt ceiling showdowns aren’t new – but this time gonzo Republicans are ready to blow up the economy

Finally, let McCarthy, Marjorie Taylor Greene, and the other loonies demand openly and publicly in court that Biden not honor the full faith and credit of the United States – with the predictable results that the cost of borrowing soars, bond markets crash, the stock market plummets, the global economy is in turmoil, the dollar's status as the world's major currency is up for grabs, America is plunged into a deep recession, and millions of jobs are lost. In other words, leave it to McCarthy and House Republicans to seek to enforce their dangerous nonsense about the debt ceiling – so Americans can see clearly what they're up to...

https://www.theguardian.com/commentisfree/2023/may/22/republicans-debt-ceiling-marjorie-taylor-greene-economy