What effect would a default have?

[DevotedDemocrat]

If we do go into default on October 17th, what immediate and long term effects would it have on:

-The economy
-Our standing/stature on the world stage
-Domestic programs and agencies (IE Social Security, Medicaid, the EPA)

[DC Al Fine]

The big one is that interest rates on any new debt will skyrocket

[barfbag]

I'm still betting it won't happen.

[opebo]

Total collapse of the world economy.  As far as international standing, forget about it - even the current standoff has brought America down to an ignominious level among Asians.  The US is seen as a pathetic joke over here.

[Beet]

Treasury will be left with $30 billion in the bag, highly volatile daily cash flows, and $66 billion of disbursement obligations, $6 billion interest payments on Oct. 31, and $60 billion to Social Security and Medicare on Nov. 1. The most likely effect is that Social Security payments will be trimmed on Nov. 1, however that most likely will not happen, and even if it does happen, those recipients will likely be reimbursed after the fact. However, I understand people like Lew saying that it could have catastrophic consequences, because what if Treasury overestimates its daily cash flow? They could be caught short. These things cannot be predicted with certainty.