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How bad would a U.S. default be?

If Congress does not act to extend the debt limit, the Treasury Department will only have its cash on hand — estimated to be about $30 billion — and whatever revenues it takes in each day. Because the government is running a deficit, available cash will be insufficient to cover the millions of payments the Treasury makes each day — to men and women in our armed forces, veterans, Social Security and Medicare beneficiaries...Read More

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