What happens if the U.S. government can’t pay its bills?
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The Fed's Plan to Lift the Debt Limit
If the debt limit is not lifted before the deadline, does that mean the US will default on its debt? What happens at that point? So there are basically three things I would point to in three milestones. The likely answer is that they would essentially delay payments until they built up enough cash from incoming taxes for a full day's worth of payments.
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