The government has hit the debt ceiling before, and always raised it in time to avert a default on its obligations. But the current game of debt-ceiling chicken is stacking up as more than run-of-the-mill political brinkmanship. As the standoff continues, our livelihoods and financial security are held hostage.
If, in fact, the federal government goes into default on its debt, major consequences could immediately engulf financial markets and, by extension, everyone with a stake in the U.S. economy.
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