Ezra Klein found Michele Bachmann's latest policy pronouncement frightening; I find it frighteningly ignorant:
In short, her plan is that we don’t raise the debt ceiling, but we use the revenue still coming in to pay off creditors first and whatever we think most important second. That way, we “don’t violate our credit rating” and “prioritize our spending.” Makes perfect sense.
At least, it makes perfect sense unless you, like me, had spent the previous few days talking to economists, investors and economic policymakers about what could happen if we start playing games with the debt ceiling. Their answers were across-the-board apocalyptic. If the U.S. government is so incapable of solving its political problems that it can’t come to an agreement on the debt ceiling, they said, that’s basically the end of the United States as the world’s reserve currency.
Klein concludes, "Her plan is the equivalent of setting off a bomb at the center of the U.S. economy."