If America’s debt is downgraded, the AAA rating on U.S. 10 -year Treasury bond  (sovereign debt) could drop to an A rating.

If America’s debt is downgraded, the 10-year Treasury rate would go up by  75-250  basis points, rising from 3% to  up to 5.50% (ranging from downgrade to full default).

If America’s debt is downgraded, it would add between $100-$300 billion dollars to the U.S. budget deficit in the cases of  downgrade and default.

If America’s debt is downgraded, interest rates on mortgages and financial services will cascade upward.

If America’s debt is downgraded, US dollar may depreciate up to $1.75 per euro.

If America's debt is downgraded, it will affect all the currencies pegged to the US dollar including currencies of five GCC countries.

If America's debt is downgraded, it will affect all foreign assets denominated in US dollar, including billions of assets  of all the six GCC countries.

If America's debt is downgraded, both the U.S. dollar and  economy should worsen.

If America's debt is downgraded, the weak economy effect on oil prices would dominate the weak currency effect,  oil prices should eyeball $80 a barrel and the gold price would stare beyond $1700/oz.

If America’s debt is downgraded, U.S. corporations will be hamstrung by high cost of capital that will squeeze their ability to innovate and expand.

If America’ debt is downgraded, it will hurt both Republicans and Democrats and renew calls for new viable political parties.

If America’ debt is downgraded, Obama's name will be linked very closely to Jimmy Carter's name.

This doom scenario may not materialize if America's political problem is resolved before August 2nd or the President invokes Amendment 14.

Let's wait and see.