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This Is What Might Happen if the US Defaults on Debt
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cryptonews.comMichael Humphries, Deputy Chair of Business Administration, Touro College.______
Congress has seemingly kicked the debt ceiling deadline down the road – but the threat of a future default still exists.
On Oct. 7, 2021, lawmakers in the Senate agreed to extend the government’s ability to borrow until December. It came after Senate Minority Leader Mitch McConnell offered a temporary suspension to the debt limit, averting a default until at least December. But at that point, Democrats would have to find a way to raise the debt ceiling on their own – something they’ve said they won’t do.
This isn’t the first time Republicans have resisted helping a Democratic president raise the debt ceiling.
As an economist, I know that this political game of
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