http://abcnews.go.com/Business/Politics/anatomy-debt-default-united-states/story?id=13940811
The above link is to a fairly balanced overview of what could happen if the debt ceiling isn't raised by the beginning of August. There are some interesting nuggets of information imbedded in this article and I consider it to have been worth the read. While it doesn't really go into the long-term problem of debt as much as I would like (information which is available through other sources) it does give some specific examples of what we might see transpire, which I find valuable.
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