Talk of Debt Default Already Hitting Financial Markets

From the FT:

Investors such as Fidelity and other money funds are already voting with their feet. Yields for bills that mature in October and November have risen above 30 basis points – a level not seen since late 2008, when the Federal Reserve adopted a zero interest rate policy during the depths of the financial crisis.

.....

CDS on US government debt has doubled in the past month and trading volumes have jumped as a growing number of investors have bought the instruments, seeking protection against a potential default or making bets on subtle movements in the derivatives.

If someone is telling you there won't be an impact, they're wrong as one already exists.