If November was about curbing federal spending and reducing the national debt, then defaulting on our obligations is an odd way of doing it. All that achieves at best is increasing the cost of borrowing henceforward creating more indebtedness not less. Want to curb federal spending and reduce the national debt? Use the federal budget.
“We have to raise the debt ceiling because of the prolific spending habits of past Congresses and of course we are the new Congress that will change those patterns.” — Dick Armey¹