Heard on the Street: A default would almost certainly be very painful for Americans. There would also be major consequences abroad.
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America’s unquestioned financial might isn’t the only thing in danger if the debt ceiling standoff causes a defaultAs Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. But how? WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline Marshall—when it won’t be able to pay its bills.
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