Washington, D.C.–(ENEWSPF)–October 10, 2013. It is extremely difficult to construct a credible scenario in which the United States hits the debt ceiling on October 17 without inflicting major damage to the U.S. and world economies, according to a new report released today by the Center for American Progress. According to the analysis, at best, a default that lasts only hours and increases the risk premium on U.S. debt by even a small amount would still cost taxpayers hundreds of billions of dollars over the next decade. More likely, any larger amount of time the United States spends in arrears will harm the real economy and may well disrupt financial markets.
