I've been putting off writing about the looming possibility that the United States would default on its existing contractual obligations to pay its debts because I sincerely believe that as dysfunctional as our political system has become, surely it hasn't gotten so bad that it would intentionally inflict such a disastrous wound on America's economy and its long term standing in the world. I would bet you $1 million that China would never default on its debt. But as the deadline grows closer, it's time to start preparing for what a debt default would look like, how it would impact your credit union and what you may want to explain to your members.