Updated 28 July 2011

Remember the days after Lehman fell? That same shock wave couldripple again.

That’s what economists and Federal Reserve Chairman Ben Bernankewarn if Washington doesn’t raise the borrowing limit before Aug. 2and risks a U.S. default on its debt.

Bernanke told the Senate Banking Committee a debt default wouldbe “a calamitous outcome," according to a July 14 Reuters report. "It would create a very severefinancial shock that would have effects not only on the U.S.economy, but the global economy."

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