If the U.S. debt ceiling is not raised before July.

1. The U.S. government will begin to default for the first time in history

2. 10% of U.S. economic activity will cease immediately

3. Interest rates will rise enough to bring the annual interest on the debt to $850 billion

4. About 20% of U.S. government revenue will be used to pay interest

5. The average interest on a 30-year mortgage will increase by $130,000

6. More than 6 million Americans will lose their jobs

7. An estimated $15 trillion in household wealth will be stripped away

8. Real GDP will fall by 4% and the unemployment rate will reach 9%.

The banking crisis pales in comparison.