The Republican House Will Not Raise the Debt Ceiling ?

Remembering that the current Republican Party is far more rightist than 1994 - not raising the debt ceiling will crash the economy, mean outright default on bond payments, and globally spell the end of the American empire.

Think Progress reiterates:

Failure to do so (raise the debt ceiling) would almost certainly result in a devastating government shutdown and default on government debt, causing an economic catastrophe, but increasing debt spending is anathema to the far-right tea party rhetoric that has come to dominate the GOP.

It's amazing how fast it is all coming apart.