John Chambers, the chairman of the sovereign ratings committee at S&P, said Wednesday morning that a U.S. default would amount to an economic catastrophe worse than the collapse of Lehman Brothers. 

Chambers also explained, neatly, the glaring absurdity of the debt ceiling crisis:

 

"We have a budget system that’s unlike any other budget system that I’m familiar with. We have spending and revenue measures that have originated from an original act in Congress. Now it’s a question of funding them. The spending has already been approved, but now the elected officials are balking at funding that spending."