Investors, executives and economists are preparing contingency plans as they consider the turmoil that would result from a default in the $24 trillion U.S. Treasury market. Lawmakers in Washington understand “the consequences if we fail to pay our bills,” President Biden said this week.Credit…Haiyun Jiang/The New York Times Updated 3:22 p.m. ET
The U.S. debt limit has been reached and the Treasury Department is finding ways to save cash . After it runs out of maneuvers, what once seemed unfathomable could become reality: The United States defaults.
What happens next?The far-reaching effects are hard to fully predict: from shock waves in […]
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