Arizona Real Estate News

US Treasury warns of harm from debt default

WASHINGTON -- The U.S. Treasury Department is warning that the economy could plunge into a downturn worse than the Great Recession if Congress fails to raise the federal borrowing limit and the country defaults on its debt obligations. Treasury's report says a default could cause the nation's credit markets to freeze, the value of the dollar to plummet and U.S. interest rates to skyrocket.
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