Updated 28 July 2011
Remember the days after Lehman fell? That same shock wave could ripple again.
That’s what economists and Federal Reserve Chairman Ben Bernanke warn if Washington doesn’t raise the borrowing limit before Aug. 2 and risks a U.S. default on its debt.
Bernanke told the Senate Banking Committee a debt default would be “a calamitous outcome," according to a July 14 Reuters report. "It would create a very severe financial shock that would have effects not only on the U.S. economy, but the global economy."
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