A default would be unprecedented and has the potential to be catastrophic” U.S. Treasury Secretary Jack Lew October 3, 2013
The U.S. Department Of The Treasury released a report today warning that a default would be unprecedented and potentially catastrophic. It notes that the credit markets could freeze, the value of the dollar could plummet, and U.S. interest rates could soar, potentially resulting in another financial crisis that could be worse than the one following the 2008 crisis.
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