Debt ceiling crisis: Jack Lew doomsday scenario is least likely of 3 possible outcomes

Momentum in the housing market appears to be lost

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Default is defined as “failure to make a payment (such as a payment on a loan); a failure to pay financial debts.” A default by the U.S., in the words of U.S. Treasury Secretary Jack Lew, would be catastrophic. Creditors can overlook the United States’ dysfunctional monetary policy that prints trillions of dollars and a dysfunctional fiscal policy that racks up hundreds of billions of dollars in annual deficits, but they can’t look past not getting paid. But that is not what the debt ceiling debate in Congress is about. Each year the United States spends more than it takes in. Annual deficit spending has been the norm since 1940 with only the years 1947-49,1951,1956-57, 1960, 1969 and 1998-2001 running a surplus. The U.S. also has an accumulated deficit with respect to money earmarked to be paid in the future. The amount of money the United States has obligated itself to pay out is a staggering $140 trillion to $150 trillion. A large portion of these unfunded liabilities ...