Detailed text transcripts for TV channel - MSNBC - 20131012:19:08:00
What would happen is the united states would not be able to borrow any more money. because we borrow almost half of what we spend as a nation, that would mean that all of a sudden within a couple of days, the united states would be spending about half as much as it had been spending before. we would as a country be able to spend based on incoming tax receipts but we couldn't borrow any more. that would mean huge cuts in u.s. government spending. how big? goldman sachs has estimated that it would be between $75 billion and $175 billion every month out of the u.s. economy. to give you a sense of...
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