US Default Could Be Doomsday Option For Economy

federal reserve dollar

WASHINGTON – The United States has never defaulted on its debt and Democrats and Republicans say they don’t want it to happen now. But with partisan acrimony running at fever pitch, and Democrats and Republicans so far apart on how to tame the deficit, the unthinkable is suddenly being pondered.

The government now borrows about 42 cents of every dollar it spends. Imagine that one day soon, the borrowing slams up against the current debt limit ceiling of $14.3 trillion and Congress fails to raise it. The damage would ripple across the entire US economy, eventually affecting nearly every American, and rocking global markets in the process.

US Default Could Be Doomsday Option For Economy

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