A crisis worse than 2008? Treasury warns on debt limit

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By the end of 2011, federal debt held by the public will be 70% of GDP, and overall federal debt (which includes debt held in government trust funds) will be 100% of GDP. The CBO foresees a decline in deficits accompanying its prediction of a strong economic recovery, but predicts that the debt held by the public will still rise swiftly to 100% of GDP and beyond in just the coming decade.

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and there might be a financial crisis and recession that could echo the events of 2008 or worse. Political brinksmanship that engendgers even the prospect of a default can be disruptive to financial markets and American businesses and families. The closest historical precedent is the debt ceiling impasse in 2011, around

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‘US failure to raise debt ceiling will be disastrous’. The debt ceiling, the upper limit of debt the US federal government is legally allowed to accumulate, was technically hit in March. Since then, the Treasury Department has used so-called extraordinary measures to prevent a.

Related. And if Congress does not raise the debt limit, raising the possibility of default if the government is unable to meet its bond obligations, Treasury said the results could be worse than the 2008 "Great Recession." "In the event that a debt limit impasse were to lead to a default, it could have a catastrophic effect on not just financial.

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Investors should prepare for an upcoming economic collapse far worse than 2008. That’s according to Peter Schiff, the economist and CEO for Euro-Pacific capital, who says that if drastic steps are.

Default would be worse, however. The Treasury says that if Congress does not raise the statutory debt limit, it will run out of room to borrow by October 17, at which time it will be down to its.

Treasury says a failure to raise the debt ceiling could see America default on its debts for the first time ever. It also warns a default will not only hurt America’s economic recovery, but also.