The GOP wants their extortion tool called the debt ceiling to get their way politically. This means killing any and all progressive legislation which will actually help Americans and their families and to ensure America can begin to Green Harden with solutions that will help America and the world against the worst outcomes of the climate emergency.
This is how the "market" reacts to a major company in debt crisis:
Now imagine what happens if the GOP uses the artificially created "debt" ceiling crisis to actually default on obligations. The "full faith and credit" of the United States government would then be brought into question, including the replacement of the U.S. dollar as the standard bearer for world currencies.
China is already trying to make their currency the standard markers on a smaller scale in Southeast Asia. This would be a golden opportunity for President Xi to make a strong bid place the Yuen as the standard world currency reserve in the long game. No matter the short term pain of China holding U.S. debt.
Is the GOP willing to play into the hands of the CCP for short term “own the libs”?
Finally, Americans retirement 401(k), IRA, etc. would tank because those are dependent on the stock market performance.