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Treasury warns that a default could scar the economy for a generation

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The Treasury Department issued a report Thursday warning that a default on the nation's debt could cause a recession on the scale of the one following the 2008 financial crisis, once again raising the alarm on the looming deadline to raise the debt ceiling. In the case of a default, the Treasury warned, “credit markets could freeze, the value of the dollar could plummet, U.S. interest rates...

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