US Warns of 'Catastrophic' Effect If It Defaults

The U.S. Treasury is warning there could be “catastrophic” economic effects worldwide if Congress does not increase the country’s borrowing limit in the coming days so the United States does not default on its financial obligations.

As the U.S. approaches its current $16.7 trillion debt ceiling, the Treasury issued a report Thursday outlining the calamity it says could occur if it runs out of money to pay the country’s bills, including interest on money the U.S. has borrowed …

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