Behind The Mic With Joe Mathieu: Damage Done Before Default

October 16, 2013 11:00 AM
Behind The Mic With Joe Mathieu: Damage Done Before Default
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" BOSTON (CBS) – I can’t believe we are still talking about this.

The Treasury Secretary says we will lose our ability to borrow money by Thursday and that the U.S. will suffer its first-ever credit default if lawmakers cannot find a deal to raise the debt ceiling.

And now that we’re approaching that magic hour it’s worth looking at what exactly will happen if it arrives.

First let me tell you that I am not a Debt Default Denier. And they do exist. You know, people who believe the administration is making all this up as a scare tactic.

But the fact is not much would actually happen Thursday. It is true that we would lose our ability to add to the national debt "

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