Debt ceiling and the end of the world

It seems that if we exceed the debt limit, life as we know it will end, at least according to the President and most of the pundits on TV. So why is it that the President seems to be doing everything in his power to make sure this happens? Well that might be because the U.S. has exceeded the debt limit before and the world did not end. Didn't know that? Do you think it might have something to do with what political party was in power at that time? Both houses of Congress were controlled by Democrats then and as such there were no Republicans or "tea baggers" to blame so it was treated as no big deal. Funny how that little tidbit has not made it into the current discussions nor been mentioned on the nightly news.