Will there really be an adverse effect on the markets if the debt ceiling is not raised?

Just look at what they are doing right now. Then look back to what they have done since the beginning of the year. Then compare the market ups and downs to each time the House Republicans released a statement either saying they were going to shut down the government or not raise the debt ceiling. You will quickly notice a correlation between the Republican threats and the Market dropping but if you look a little wider afield you will also notice that every time the Republicans make their threats the companies and small businesses stop hiring causing a rise in the unemployment figures.