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Washington to Wall Street - Threat of default is real
Money lenders trust America so implicitly that they generally dismiss the risk it won't pay its debts. But in the U.S. capital, fears are growing that political dysfunction might trigger the unthinkable. Government veterans from both political parties are aghast that lawmakers openly speak of managing a default that could be triggered next month if they don't authorize more borrowing. Another reason for concern is that the debate over the debt ceiling appears stuck on a Republican demand for big spending cuts in exchange for raising the $16.7 trillion borrowing limit. This could be too tall an order because ... (full story)
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