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"A failure of the U.S. to pay its obligations if the debt limit is not raised “would be unprecedented and has the potential to be catastrophic,” Treasury said in a brief report intended for members of Congress and also released publicly by the agency.
“Credit markets could freeze, the value of the dollar could plummet, U.S.interest rates could skyrocket, the negative spillovers could reverberate around the world, and there might be a financial crisis and recession that could echo the events of 2008 or worse,” the report said."