Debt Default Would Be Worse Than 2008 Collapse

Deputy Treasury Secretary Wally Adeyemo issued a strong warning about the impact of a U.S. debt default. He stated that the consequences would be even greater than the Lehman Brothers' collapse during the 2008 financial crisis. The Council of Economic Advisers projected that a prolonged default could lead to 8.3 million job losses and a 5% rise in unemployment.

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