Why is this date so important? This is the day that the US must have their act together by, in order to avoid total monetary calamity around the world.
The democrats and republicans are in the midst of heated debates right now – the democrats pushing the need to raise the debt ceiling; the republicans fighting heavily against it. All economists around North America fear that if the debt ceiling is not raised (allowing the US to borrow more money) they are in severe risk of defaulting on one of their outstanding bonds, likely held by China.
China holds the majority of US debt right now. By defaulting on a payment, China's investors will likely rid of these junk bonds. What will this do? Stocks will plummet, along with the US dollar, and interest rates will rise. Only time will tell how long this calamity will last, and how devastating it will be.
I truly hope that the two parties are able to find a way to work together and figure this mess out.