"“If we don’t deepen our ports all along the Gulf — places like Charleston, South Carolina; or Savannah, Georgia; or Jacksonville, Florida…” -Obama
Even though the amount of debt has exploded, the low interest rates has kept the cost of servicing the debt very low. But those interest rates will go up substantially if we default. This will exponentially increase the cost to service the debt.
Even now, the ludicrously childish House Tea Partiers are making it more expensive to borrow money. The net effect is an INCREASE in government spending.