Bonds Are the Core of the U.S. Economy; Why a Default Would Be ‘Catastrophic’

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As Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. But how? WSJ explains why U.S. debt has become the center of the economy.

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316 pages of debt ceiling legislation proposed by Republicans, zero from DemocratsTreasury Secretary Janet Yellen’s announcement that the U.S. government could run out of money by early June starts the next phase of the debt ceiling dance.
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