“I think it would cause a great crisis in our democracy” if debt was created without a rise in the debt limit, Frank told economist Bruce Bartlett, a former Republican who has been talking up the “constitutional option.” Frank simply didn’t see a way for this to work, and warned of political disaster.

“The anger in the country, the political bitterness and the vitriol, would be amplified,” he said, “and you’d let people off the hook for their irresponsibility.”

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