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What Happens If The U.S. Defaults On Its Debt? Here's Why It Won't

Money For the Rest of Us

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Introduction

This week, Treasury Secretary Janet Yellen reinforced her warning that the U.S. risks running out of cash as early as June 1st. The Congressional Budget Office this week warned there is significant risk that the US government would be unable to pay all of its obligations within the first weeks of June. If the debt ceiling isn't raised, Mark Zandy, Chief Economist at Moody's said it would be a lethal combination.

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