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Government must use part of the proceeds from the International Monetary Fund (IMF) to settle maturing coupons on domestic bonds and other domestic loans
Alec Phillips, a research chief political economist at Goldman Sachs, expects the United States to have time until June 8 before the country runs out of money to service its payments.
Money markets would be the first to react to a debt ceiling breach, heightening market turmoil and helping to raise the odds of a severe recession.
The United States is inching closer to the deadline for action on raising the debt ceiling. Here is what will happen as that date approaches — or even lapses.
PRO claims the swap risks pension funds and constitutes fresh debt