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U.S. default this fall would cost 6 million jobs, wipe out $15 trillion in wealth, study says

Failure to raise the debt limit would have catastrophic impacts on global financial markets. Interest rates would spike as investors demand a higher rate of return for the risk of taking on U.S. debt given uncertainty about repayment. Foto: Robert Galbraith/Reuters/Ritzau Scanpix

WASHINGTON - America could plunge into an immediate recession if Congress fails to raise the debt ceiling and the U.S. defaults on its payment obligations this fall, according to one analysis set to be released Tuesday.

Mark Zandi, chief economist at Moody's Analytics, found that a prolonged impasse over the debt ceiling would cost the U.S. economy up to 6 million jobs, wipe out as much as $15 trillion in household wealth, and send the unemployment rate surging to roughly 9% from around 5%...

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