What will happen if the National Debt Ceiling is not increased.?

What will happen if the National Debt Ceiling is not increased.? 6 Things that could happen if the Federal Debt Ceiling is not increased.
Economy
All leading experts agree. A default would trigger a worldwide catastrophe. The world financial markets would be severely shaken as the United States would tarnish, if not forever lose its image as the shining beacon of stability in a faltering world economy.
Christine Lagard, head of the International Monetary Fund, states that a United States failure to raise the limit could damage the global economy ,saying a default or downgrade of U.S. debt would be "a very, very, very serious event, not just for the United States but for the global economy at large."

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