The United States is expected to reach its $14.29 trillion debt limit no later than May 16. House Speaker Rep. John A. Boehner, R-OH, promises to extract deep spending cuts as a prerequisite to any deal with Democrats on raising the debt ceiling — but the GOP refuses to just roll over on the issue.

Concerns are on the rise that polarized Washington could put America's credit rating at risk. Would an ugly fight over the debt ceiling mean an ugly stock market? Should investors beware?

Watch Money Morning Chief Investment Strategist Keith Fitz-Gerald debate the issue on FoxBusiness' "Bulls & Bears" program.