What Happens To Housing If The U.S. Defaults On Its Debts?
As the country approaches D-Day for defaulting on its debts, analysts are breaking down the impact of such a scenario on the economy.
The Treasury Department said in January that the U.S. was close to its $31.4 trillion borrowing limit. As a result, it announced “extraordinary measures” to keep the government’s funding above water through spring.
Treasury Secretary Janet Yellen and other experts are now saying the U.S. could default on its debt as early as June in a worst-case scenario.
Dramatic as the news may be, it’s highly unlikely that Congress would actually allow a breach of the debt ceiling.
“While we have a highly polarized Congress negotiating, it isn’t in either party’s interest to let a default happen,”…