7 Immediate Consequences of a US Default if Washington Fails to Raise the Debt Ceiling

“It would be a fatal combination. You can see how this would spread and bring down the entire financial system, ultimately knocking out the economy.” Mark Zandi, Moody’s chief economist, warns in the Washington Post of global trade implosion if the US fails to raise the debt ceiling.

Why is this important?

Raising the debt ceiling is a recurring phenomenon in American politics. If the two sides fail to reach an agreement on an increase, default will threaten, with consequences for the US and world trade.

In the news. The Washington Post interviewed a series of experts and listed 7 impacts on an American default would follow if Republicans and Democrats fail to reach a compromise on raising the debt ceiling before June 1.

  • The Democrats demand a blank check; the Republicans want concessions on cutting costly government programs.

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