From DEMOCRAT Erskine Bowles, exerpt from the article:

“I think you’ll see the markets first begin to raise our cost of credit, because they will see more risk,’ and then if we don’t do anything about it, and continue the ostrich approach, with our heads in the sand, what they will do is cut the credit off,” warned Bowles, who was chief of staff for President Bill Clinton and a long time Democratic party activist. “You cut credit to this country, and, you talk about a recession, this will be a recession like you’ve never seen before.”

Good to see this is a non-partisan issue. It shouldn't be.