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Cramer: Default 100 times bigger than Lehman?

Cramer's hearing chatter that some lawmakers view a debt default as bitter but much needed medicine. That's concerning. The stakes are massive.

Among their ranks may be Rep. Ted Yoho (R-FL). A Washington Post article suggests Yoho feels little pressure to compromise on a budget or find common ground on the debt ceiling. Instead, he's quoted as saying "You're seeing the tremor before the tsunami here."

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Not only does that kind of rhetoric suggest some lawmakers are looking to make a stand, it also suggests they don't understand the damage they will likely cause in the process.

Among the hardest hit, Cramer fears, will be small business.

"Think about it," Cramer said. "If people are worried about social security checks do you think that they will go spend? Local banks are in a similar pickle, as are smaller businesses that count the federal government among their largest accounts.

However, Cramer doesn't think the impact on small business is of much concern in Washington. Instead Cramer fears the budget battle has devolved into nothing more than an 11th hour attempt to quash Affordable Care Act.

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If you agree that quashing the Affordable Care Act is paramount, then maybe the trade-off is a necessary evil. If you think that way, then "maybe default is the way to sober up the nation," Cramer conceded.

But if you don't, Cramer believes there's got to be a better way.

"By the way, this is not a trillion dollar problem," Cramer added. "Tens of trillions are at risk of being thrown off kilter."

And because the impact is so serious, Cramer thinks somebody blinks.

"I don't think it will happen. It's kind of too big. People say this is 10 times bigger than Lehman – oh give me a break – it's 100 times bigger."

Will lawmakers unleash something 100 times bigger than Lehman on the market? Only time will tell.

Call Cramer: 1-800-743-CNBC

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