What US government default would mean for you

Young Americans for Liberty member Adam Weinberg resets numbers in a debt clock representing the country's $14 trillion-plus national debt in this April 5, 2011, Irvine, Calif., file photo. (Jebb Harris/Orange County Register)

July 12, 2011 5:52:28 AM PDT
In almost any other year, Aug. 2 would be just another midsummer day. But, as most Americans have probably heard by now, this Aug. 2 is the deadline for Congress to raise the nation's $14.29 trillion debt ceiling to prevent the U.S. government from defaulting on its obligations.

But what does that really mean? What's likely to happen next month if Washington lawmakers, who've made little headway toward a deal, fail to strike an agreement to raise the debt limit?

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