However, it appears that not everyone in the nation's capital is concerned over the prospect the country could begin the process of defaulting on its debts.
Reuters reported in May:
Many conservative Republicans in the House of Representatives, especially those affiliated with the small-government Tea Party movement, say that [Treasury Secretary Timothy] Geithner and the White House are trying to panic them into raising the debt limit.
"There is no certain day," said congressman James Lankford, a member of the fiscally conservative Republican Study Committee. "It's a moving target. Even if Aug. 2 is passed, Treasury has the tools in its back pocket to keep us from defaulting."
Lankford added: "Treasury has done a good job of trying to increase the panic, rather than giving us solutions."
Below, a slideshow highlighting some of the dire comparisons that have been made during the debt ceiling debate:
(Click here for the latest developments in the debt ceiling talks.)