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The debt ceiling has by now been achieved. The government strike its borrowing limit in late January. Considering the fact that then, Treasury Secretary Janet Yellen reported “extraordinary actions” happen to be taken And so the country will pay its payments and prevent default as the two parties struggle it out. A default would happen If your U.S. fails to pay bondholders that have lent cash to the government.

This might be described as a historic and catastrophic first that economists say would ship the worldwide overall economy into chaos.

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