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What happens if the U.S. defaults on its debt?

·5 min read
What happens if the U.S. defaults on its debt?

September 30 marks the end of the federal government’s fiscal year, and the deadline for Congress to pass a funding measure. The debt ceiling, which is the amount of money the Treasury Department is authorized to borrow, must be suspended or raised by mid-October, or the United States likely will default on its debt.