US Treasury warns debt default could be 'catastrophic'

[Prince.Skeletor]

The Obama administration said the U.S. economy could fall into its deepest crisis since the Great Depression if Congress does not raise a cap on government borrowing soon and warned it would be impossible to prioritize debt payments over other obligations.
In a report released on Thursday, the Treasury Department said a U.S. debt default could force up borrowing costs, weaken investment and curb growth. This could inflict damage on the economy that could last for longer than a generation.
"A default would be unprecedented and has the potential to be catastrophic," Treasury said.

http://www.cnbc.com/id/101075952


Hopefully nobody misinterprets this!
Knowing ya'll you probably will!

 

[Black smoke and cac jokes]

 

[Domingo Halliburton]

getting my credit default swaps ready.


anyways even if we reach that point they're going to partially default.

 

[Good Guy Guevara]

Boehner said he won't allow a default. So the debt limit will be raised with moderate Republicans and Democrats.