The following quote is from Peter Schiff in an interview with The Daily Caller. Schiff “is a businessman and author that was known by many as ‘Dr. Doom’ before he became widely credited with foretelling the U.S. economic crisis years before it occurred”:
I don’t think Republicans have the fortitude to bring about the painful process of correcting the mistakes we’ve made. If we don’t raise the debt ceiling, we have to deal with the fact that we’re broke. We will have to make serious cuts. If we don’t raise the debt ceiling, we’d have to meaningfully reduce the size of government. Republicans aren’t willing to vote for it. They always campaign in favor of a balanced budget amendment, and that means the budget has to balance.